The Benefits of a Simple Mechanic Lien System
Many contractors and subcontractors are missing out on a simple opportunity to improve their revenue: implementing a simple mechanic lien system. Mechanic liens are a superpower that helps Oklahoma construction businesses get paid for work they’ve done to improve real property in Oklahoma. With a simple system, you can increase your chances of getting paid and also lower your legal fees by doing some of the legwork yourself. Read on to learn more about the benefits of a simple mechanic lien system.
Implementing a Simple Mechanic Lien System
A simple lien system will increase your chances of receiving your due compensation if a property owner has neglected to issue payment. What’s more, a simple system can save you both time and money in the long run.
What Are the Benefits?
In addition to helping you get paid, there are four other benefits to implementing a simple lien system: deadline tracking, time management improvements, easy employee training, and potential for business reinvestment.
While getting paid is the main goal of a lien, the other four benefits can have lasting positive impacts on your organization. Let’s explore these benefits a little more.
Benefit 1: More organization with deadlines
Abiding by statutory timelines to file your lien is essential to receiving compensation. Creating a simple system helps you track these deadlines.
Taking lien due dates out of your head and putting them on a paper or digital calendar is a simple way to make sure you don’t miss a filing deadline. You can extend your lien tracking system to include other important deadlines, such as contractual work due dates or reminders to pay your own suppliers.
Doing so gives you more energy and time to focus on other aspects of your business, like providing great customer service or exceptional workmanship. You also get peace of mind that you won’t miss any important due dates.
Benefit 2: Improving time management and work freedom
The mechanic lien system that our firm has created is so simple that anyone in your organization can do it. That means that busy business owners have one less task on their plate.
Whether that time goes towards improving your sales process, finding better suppliers, training employees, or some other endeavor that’s only you can do, a simple lien system will make it possible.
Benefit 3: Ease of training new employees
Having a lien system that only exists in one employee’s head can be risky for your business. What happens if that person retires, moves to a different position in your company, or goes to work for another business? All of that helpful knowledge and experience goes with him or her.
Our simple lien system includes a written course book to follow. Not only will the new employee have all the tools necessary to implement the lien system, but he or she can use the course materials to learn the system independently. That frees business owners up to spend time on other essential training tasks.
Benefit 4: Reinvesting funds into the business
Going to court to foreclose on a mechanic lien can be expensive. A simple lien system, though, makes it easy for your business to do a lot of the legal legwork before bringing in your attorney. Over time, you can save thousands of dollars in legal fees by doing some of the fact-gathering yourself.
These saved funds can then be reinvested into your business. Whether it’s purchasing cutting-edge equipment, training new employees, or even constructing a new office, having extra funds is never a bad thing for an organization.
This reinvestment can also take the form of giving your employees raises or hiring a top-notch employee who can help transform your organization. The possibilities are limitless.
Implement Your Own Mechanic Lien System
If you’re ready to save yourself and your employees time, stress, and money, then it’s time to implement your own simple mechanic lien system. You can either contact our office directly for a consultation or take our free mechanic lien course online.
