Advice

Business Compliance Tips for Entrepreneurs

Besides having to juggle the demands of customers, employees, and wholesale vendors, business owners also have to contend with a host of regulations. Depending on the type of business you operate, you may be required to obtain permits and licenses, post signs, wear specific gear, etc. Failing to comply with these rules typically results in hefty fines or even the closure of the business.

Here are four compliance tips to prevent legal trouble.

Consult Professionals

In most business sectors there are people whose job it is to stay up to date on all compliance requirements. Why not hire them instead of trying to figure it all out on your own? Hiring experienced professionals eliminates the need for trial and error, which is essential as mistakes can be very costly and not worth any money saved trying to DIY (do it yourself).

Keep in mind that the professionals to hire depend on your industry. If you work in construction, for example, you may want to bring on a construction safety consulting specialist

Still, some top examples for general compliance professionals include a lawyer to help with employment law and contracts, an accountant to set up financial systems and make sure you’re paying the right taxes, and a web developer to ensure your website is accessible to people with disabilities.

Create a Compliance Calendar

With all the different deadlines and requirements, it can be hard to keep track of everything. Creating a compliance calendar is an easy way to guarantee that you’re meeting all your legal business obligations.

Your calendar should include all deadlines for filing reports, paying taxes, and renewing licenses or permits. It should also include any mandatory training sessions for employees. 

If you work with hazardous materials, you may also need to keep track of when safety gear needs to be replaced. 

Automate Where Possible

Another easy way to guarantee that you’re meeting all your legal business obligations is to automate. There are a lot of compliance tasks that can be automated, such as filing tax returns and reporting employee hours. Automating these tasks can help you save time and money, while also reducing the chances of human error.

When it comes to automating your compliance tasks, it’s important to choose the right tools and software to avoid any issues. Check that the software you choose can integrate with your existing systems and that it’s user-friendly so employees can easily use it.

To this end, test out a few different options before settling on one to make sure it meets all your needs.

Document Everything

Whenever you introduce new compliance procedures or even just make slight changes to an existing one, document them. This includes changes to policies, updated employee training guides, and the implementation of new software or tools. 

First, if the government ever comes knocking, you want to be able to prove that you’re doing your best to comply with the law. Second, if there’s ever a dispute, documented procedures can help resolve any disagreements.

Compliance is a vital part of running any business. By following these tips, you can help ensure your business stays compliant and avoid any costly penalties or worse a shutdown.

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