Continued from Part 1.
By carefully structuring your IC business model, you can reduce your risk of regulatory inquiries and claims while maximizing your potential for IC profitability.
Tip 5: Help Them Build a Close Relationship With Your Business.
ICs are often a little detached from the companies for whom they provide services. While this is partially due to working remotely, it is also caused by a lack of developing a mutually rewarding business relationship. As you rely on their professional nature of working with customers, it is up to you to impress upon the ICs their value, particularly as a contributor to your business success. By helping them to have a better understanding of what the business is about, you help them to see their value and how they can build success. A close relationship with your ICs will make them more likely to prolong their relationship with your company, which should yield more favorable results.
Tip 6: Help Them Become More Successful ICs.
You can advise your ICs on how to be more productive by referring them to a third party that will teach them how to be a successful independent service provider. For example, there are third parties that provide education on how to be a successful delivery vendor. BeAVendor.com is a website built just for this purpose. It shows ICs where they can go to structure their business properly (be it a corporation, LLC, etc.) and educates them on what it takes to become a success. At the end of the educational program, ICs are given a Certificate of Completion which will assist them in getting more business.
Tip 7: Give Them Work Standards for Self-Scoring.
ICs need to know the standards that customers expect, and they need to be able to self-score to know that they are reaching those standards. Without a way to measure their own profitability, they won’t be able to maintain successful results for you. Structuring a Contingency Reward Program can result in a significant return on investment and help retain highly qualified ICs. Consultech can assist you in this regard.
Tip 8: Give Them A Real Purpose.
In today’s world, the time that employees spend with any one company is rapidly decreasing. Why is that? Employees typically leave a company due to dissatisfaction with their experience and a lack of purpose in what they were doing. If your workers don’t feel that they are valued, they will not feel inclined to stick with you. The same holds true for ICs, and while you want your ICs to maximize their earning potential by performing similar services for others, when you are the one in need of their services, you want them to accept your job offers ahead of the competition. A sense of worth and appreciation among IC will give rise to higher productivity. Give the more productive ICs a sense of purpose and meaning; help them to feel valued by showing them how their efforts makes a difference and that as valued ICs, you push as many offers as you can their way. This will strengthen their sense of loyalty to you and your business, which will reduce your overall risk and increase your overall success.
For more assistance in crafting a compliant and profitable independent contractor business model, contact Consultech Preferred IC Consultants online or by calling (800) 769-2994.