Tips for Selling EHS Internally to Your CFO
The approach you take when selling to different levels of management can look quite different. Safety professionals want to hear about training and compliance, while CEOs are likely to look for potential growth opportunities by introducing new software.
But CFOs are typically concerned with monetary risks and, of course, bottom-line costs. In case you missed it, we published a companion article, “6 Essential Questions Every CFO Has About EHS Software”, where we gave tips and examples of what you’ll need to research and prepare when asking the CFO for budget. Here are a few tips to keep in mind when it comes time to discuss a potential new EHS investment with your CFO. And, taking our own advice, we’ll be concise.
Enter the Conversation Prepared
One thing that will never change no matter what level of management you meet with is being prepared ahead of time. But what does that look like when you are planning to present an opportunity to the CFO?
Do Your Research
Before building a financial case, find out what’s important in this situation and, if possible, what kind of numbers the CFO may be looking for. Also find out if your prospective EHS vendor can provide you with costs or other price-related research.
You don’t need to be flowery or imaginative when dealing with a CFO. Present detailed reports of the cost of the product and outline solid benefits with supporting analysis where appropriate.
Focus on the Numbers
While initial cost savings are important, your CFO will also want to understand the long-term financial impacts, not only regarding the actual payment of the product but of cost-saving benefits as the product continues to be used.
Any analysis or estimate you decide to include needs to be backed by demonstrable real-world proof. Include case studies highlighting past success of that, or similar, product. Don’t inflate numbers to present a better case.
Highlight the Benefits of EHS Software
Once you understand your CFOs point of view and how to best discuss a purchase with them, you can better help them understand what they will be getting out of an EHS platform investment. But what are some of the specific things you should discuss? Here are a few benefits you should research and understand to make your case for a new product.
Accessible any time, from anywhere
The Pew Research Center found 98% of Millennials, 90% of Gen Xers and 98% of Gen Zers own a smartphone. The pervasiveness of always-connected mobile devices makes it imperative that EHS functions be accessible from anywhere.
The ability to utilize EHS software using mobile devices means all employees can easily contribute to your company’s safety, whether that’s reporting an incident, conducting an equipment audit, or completing assigned training.
Scalable and configurable to meet your needs
EHS programs are certainly not “one size fits all” so your EHS software shouldn’t be, either. Depending on the number of employees, your industry, and the type of work you do, you will have different needs and specific problems you want to solve.
A full-service EHS platform will allow you to adapt forms, dashboards, and workflows to seamlessly align with the distinct needs of your organization. You will also be able scale up or down as the needs of the organization change, making it more flexible and cost-effective compared to on-site solutions.
Increased regulatory compliance
Compliance tracking is one of the biggest benefits to investing in an EHS platform. There are hundreds of international, national, regional, and local regulations, on top of many industry-specific mandates, that can be difficult to follow.
EHS software allows you to track training completion, monitor regulatory requirements, and address compliance gaps promptly. Additionally, users have 24/7 access to policies, procedures, and other workplace guidelines, meaning there is never any excuse for an employee to be unaware of compliance needs.
All EHS services in one place
We have found that for many companies, their safety management program consists of many disparate pieces. They may be tracking incidents on an Excel document, storing safety data sheets in a binder in the office, managing audits and inspections in another program, and so on.
EHS software offers a singular environment where all your operational aspects coexist harmoniously. Breaking down these information silos helps to uncover hidden blind spots, reveal smarter decisions, and identify improved EHS management opportunities.
Even though your CFO likely won’t be present in buyer interactions, they are one of the most important stakeholders of any strategic purchase decision. Therefore, you must provide them with the information they need — and want — so they can be sure they are making the best business decision possible.
At HSI, we focus on helping you create engaged workers and safer workplaces. Our full-service EHS software lets you train, track, and report all in one location. Contact us today for a free demo and find out how we can help your organization mitigate risk and optimize returns.