In the thick of processing payroll, collecting time sheets, and getting answers to agencies, it is almost impossible to think about strategy.  Usually, the strategy is left up to someone else right?  We don’t think so.  Your next payroll, time, or prevailing wage platform will determine how your company performs in the long run.  One of the best strategic decisions you can make is to invest money in a platform that grows with your business, not one that requires additional people to scale.


Here are some strategic considerations to think about when buying your next prevailing wage software:

What is the return on investment?

Every software platform has a cost associated with implementing it.  Some of these costs are clear, such as the price of the software.  While some of these costs are unclear, such as how long it will take to get everyone using the platform.  You should carefully consider what you expect to get out of a platform before purchasing that platform.  You should be able to articulate the value that it will provide to the business.  Here are three value points that could be used when evaluating prevailing wage software:

  • Does it help your company grow their prevailing wage business?
  • Does the platform vastly simplify field operations?
  • Does the platform help keep you in compliance with local, state, and federal rules?


What trade-offs are you making in purchasing the platform?

Every platform has a trade-off. Some systems are more expensive and provide more flexibility.  While other platforms are cheap and require more manual day-to-day work and have less support.  For each platform you are evaluating, you should have a clear indication of the tradeoffs that you are making while comparing platforms.  This isn’t simply a list of features or a list of benefits.  This is a detailed list of how those trade-offs would affect your business.


Does the platform offer you a competitive advantage?

Platforms for businesses come in many shapes and sizes.  It is rare to find platforms that offer your business a clear competitive advantage versus other companies.  Prevailing wage software is not yet widely adopted and could offer your business the right base to grow upon.  While there is no guarantee, if you look at the outcomes of companies with a fully integrated process versus those without one, you can see companies are more willing to go after the hard dollars – certified payroll – and less likely to make mistakes.  The right platform, like eBacon, has given other companies like yours this competitive advantage.


What immediate problems does the platform solve?

There are long-term opportunities to use any business platform.  But it is important to point out two to three specific outcomes that you hope to see within the first 60 days.  Purchasing prevailing wage software is like hiring an employee.  It requires onboarding, goals, and setup in your business.   The faster you can identify this, the faster you can make sure that the platform carefully aligns with your business goals.


What is the ‘superpower’ of the platform?

When hiring executives, we find it helpful to identify their ‘superpower’.  Superpowers are one thing that the platform or person does really well that you know on day one they’ll implement inside of your business.  When looking at prevailing wage software, or any software in fact, you should be able to identify the specific impactful thing that the software can do.  This is bigger than immediate problems that it solves, this is the ‘vision’ or ‘what’ the big picture of the prevailing wage software will do for you.


How does this Impact Your Companies Strategy?

Identifying all of the above will help you understand how your new prevailing wage software impacts your company’s ability to grow and scale its operations.  Ultimately, prevailing wage software is not built to directly influence new deals or money coming in.  It is here to help you organize your operations so that you can fit even more jobs and incoming money into your business.

See Why!


Additional Resources:

Ultimate Certified Payroll & Prevailing Wage FAQ 

Prevailing Wage and the Inflation Reduction Act 

The material presented here is educational in nature and is not intended to be, nor should be relied upon, as legal or financial advice. Please consult with an attorney or financial professional for advice.