Are you a running a building consultancy firm and wondering whether enlisting as a chartered company is a wise decision? This may just be the right one for your firm. Operating as a sole proprietor with no affiliation to a chartered organisation comes with a number of challenges, some of which are addressed once you have been incorporated into a charter. If you fulfill the requirements to be a chartered company, here are a few benefits you will enjoy after you have enlisted your firm:
Cushion against fluctuations
Chartered companies are in a union because of the need to protect themselves against losses. Given the dynamic nature of the construction industry, prices are bound to fluctuate and vary significantly, putting you at the risk of losses and underpayment when dealing with clients. However, charters have certain fees payable to all their members by the clients they deal with. The prices stated by the union of firms are set according to the conditions in the market. Therefore, you benefit from pricing mechanisms based on professional market surveys, which ensures that you do not underprice or overcharge the services you offer in the market. This uniformity of prices over a certain period helps you maintain certain levels of profitability, which can be hard when you are not a chartered firm.
Professionalism and attention to details
When you operate as a chartered consultancy firm, you benefit from professional advice and tips from other members of the same charter. In brief, the other consultancy firms perceive you as a business partner rather than a competitor. Therefore, they can organise workshops and other learning forums aimed at empowering each firm because the aim of the charter is to grow as a single unit in terms of business. You can benefit from ideas on how to deal with particular clients or the type of services that you should emphasise depending on the conditions in the market.
Clients will have confidence in you
Belonging to a charter means that your business activities have to comply with set regulations. Charters formed by professional bodies such as construction consultants often set the acceptable codes of practice for their members. Therefore, your clients will know that you are under much scrutiny and that you will handle business with more accountability and integrity. This confidence will go a long way in expanding your client base as people will associate your firm with quality services. Therefore, make the right choice and enlist your firm as a chartered consultancy firm.