The best way for small businesses to stay compliant
The reality of being a small business owner, of being an entrepreneur, is that your company is liable for many regulations and laws, without the human resources, financial, and legal consulting available to corporations. Compliance is making sure that federal, state, and industry regulations are followed. It’s an administrative pain, but failure to comply can lead to fines and civil suits. The government does not play around and expects you to play by all the rules, even if they change. Small business owners should know a few things about staying compliant.
Your company should have a compliance strategy that leaves nothing up to chance. It is your responsibility as a business owner to know which regulations your company must comply with and have a strategy in place. The majority of the regulations that you will encounter will be mandated by the Department of Labor, Internal Revenue Service, Equal Opportunity Commission, and industry organizations if you operate in a niche industry.
Tammy Naughton Sullivan of Chicago-based RCM Futures says “We use a third party company to help us with in-house audits yearly to make sure we are on top of everything, to make sure we are following all of the rules. They also let us know when there are changes in the laws.” Outsourcing is the best option for small businesses to stay compliant without investing too many resources into that effort. An HR professional can help your company operate legally and stay up with current laws, but that is also another paycheck on the books.
Luckily there are specialized services available to business owners. You can outsource your HR department, hire specialized payroll consultants, find safety trainers, and niche industry experts. For a small premium, much smaller than the cost of hiring a new employee or being found noncompliant, you can ensure your company’s future and secure some piece of mind.
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