Keep it on the Level
This post may contain affiliate links. All opinions are mine.
It is my Universe, after all.
Now that I am transitioning from being a “just me” sole proprietor to someone with an actual DBA and other new business acronyms, I’m frankly a little daunted by the world of business rules and regulations. Seriously, just hearing “compliance” makes me want to run for the hills, but I’m learning it’s not as daunting as it seems. Keeping my business in line is absolutely a key part of my roadmap to success. So, I thought I would share some tips I have learned that might help you navigate this complicated maze with a bit more ease. If you have another to share, please do!
This post may contain affiliate links. All opinions are mine.
It is my Universe, after all.
Keeping our businesses on the right side of the law is EVERYTHING
Be in the Know
First up on our list: know the regulations.
Super important - take that in!
Worst mistake ever is to get in trouble for what you didn’t know. We have all heard the phrase “you don’t know what you don’t know”. This really applies here. I have learned how much is involved in opening a small online store for “the pebble”. Different industries have different rules—what’s crucial for a health clinic isn’t the same for your cozy little bookstore. Get the deets!
Consider talking with others in your field (that’s what I am doing) or maybe scheduling a meeting with a legal expert — highly recommended. Keeping up with the latest regulations is an essential that you, as a business owner, can not miss out on.
Mark the Dates Down
Keeping track of all these regulatory deadlines is EVERYTHING. Create a compliance calendar for all the important dates like tax submissions and license renewals to avoid missed deadlines that could result in penalties. If you are like me, it will have different colors and lots of post-its. Or… maybe that’s just me. 😊😊😊
I also recommend setting reminders in advance in your phone to give yourself enough time to gather necessary documents and submit them as required. Staying on top of that calendar helps ensure that nothing slips through the cracks as your business grows and evolves.
Make sure your team is on board with all the rules and regs, as well
Keep it Under Control
For those who actually have employees, (not me) it’s important that they carry your values. This is even more crucial when it comes to maintaining the integrity of business operations. Preventing errors and fraud by overseeing financial and administrative processes is essential. For small businesses, simple measures such as routine audits and clear separation of duties can be effective in ensuring accountability and transparency. These good business practices will enhance operational efficiency and reduce risk.
Train Your Team Regularly
The effectiveness of a compliance strategy is dependent on the team’s understanding and cooperation. Regular training sessions help ensure all employees are aware of the legal standards. This not only helps in preventing violations but also promotes a culture of compliance throughout your organization. Moreover, this culture creates an environment that’s likely to identify potential compliance issues early, before they become problematic, saving headaches.
Talk to a Pro
Professional advice can be soooo helpful when dealing with complex legal matters. Whether it’s federal EIN application help or understanding specific tax obligations, professional consultants can offer the guidance you need. Investing in expert advice helps avoid costly mistakes and ensures that your business adheres to all applicable laws. As my dad said “don’t be penny-wise, pound-foolish”. This support is invaluable, especially in industries where regulations are frequently updated or where the consequences of non-compliance are severe. Let them do their job, so you can do yours.
Maintaining compliance is an ongoing process that requires attention and dedication. Believe me, I have been surprised by how much work is involved. By staying informed, however, staying organized and help when needed, we can keep our businesses on the level. .While compliance is a scary sounding word, it shouldn’t be viewed as a burden, but as an important part of our pathway to success.