Business Regulations Driving You Nuts? 3 easy steps to help you ensure compliance.
Compliance is a hot topic right now, OK, so maybe not as hot as Pokémon GO or the DNC, but with news stories coming out almost daily about companies facing legal trouble from regulatory missteps or illegal business activity it’s clear that compliance is a hot topic at least in the business world.
What causes a business to become non-compliant?
Non-compliance may be the result of cutting corners, negligence, ignorance, or misinformation about the ever-changing laws, but whatever the reason, the penalties are the typically the same, hefty fines or the loss of one’s company.
“But how am I supposed to focus on my business when my days are spent constantly learning about compliance?”
Luckily, we work with thousands of companies likes yours every day to help them maintain compliance so they don’t have to. With that said, here are three tips for navigating the regulatory environment around your business – without losing focus of your core business or going insane trying.
1. Identify Compliance Issues Outside Your Realm of Expertise
Every business whether it’s a local restaurant or a hedge fund dealing with millions of dollars has compliance issues central to their business. Compliance issues arise from the moment you open your business and increase from there on out.
From how and when you pay your employees to where your business name is registered. Even the requirements on your website, compliance demands are in every piece of your business.
If that weren’t stressful enough, these regulations are constantly changing and increasing in complexity. For example, the Affordable Care Act has introduced and refined compliance issues that touch on everything from medical benefit availability, employer responsibility, tax reporting, benefit plan design, to the way insurance can be sold and then some.
So while you may know the best way to make and serve Zitti, if you don’t know how to design a good benefits plan, then you should be honest with yourself and seek help from those who can manage that aspect of your business.
2. Find Trusted Partners
It’s imperative when you decide to seek help, that you find partners you can count on. One’s that won’t cut corners and who are certified and licensed. Also look for those who are active in peer groups, trade organizations or their own community.
You should also ensure they have a solid reputation in the industry. Be sure to check and see if they have long-standing clients that can back their claims and great reviews online.
Just as you are the expert in your area of business, there are other businesses whose expertise is keeping companies like yours compliant.
3. Never Stop Learning or Asking Questions
Did you know top business leaders like Bill Gates, Oprah, and Warren Buffet commit to 5 hours a week of deliberate learning?
Even industry giant like these realize the importance of learning and how it adds to their continued success.
Once you’ve selected a group to help you ensure compliance, don’t just stop there. After all, this is your business and the more you know, the better.
Don’t be afraid to check in and ask questions. After all, it’s important to know how they are continuing to learn and evolve to meet new regulations. An expert should always be able to educate their clients and make them feel comfortable.
– This communication is for informational purposes only; it is not legal, tax or accounting advice; and is not an offer to sell, buy or procure insurance.