3 Ways to Ensure Your Business Complies with the Law | Business law can be daunting to say the least. Depending on your sector of operation there might be countless rules and regulations that you need to comply with. Failure to do so can lead to fines and even closures, so it’s imperative that you remain up to date. Keeping your business compliant is an ongoing process, but one that doesn’t have to be as difficult as it sounds.
First and foremost, research is the key to success. Start by looking at general regulations within your sector. These can usually be found on government websites and will give you an overview of what you need to do. That isn’t normally enough, however. Laws like insurance and wage coverage vary between businesses, so you’ll need to dig deeper to see if you might be at risk. Look at similar businesses within your sector and see how they’ve tackled issues around compliance. This applies to everything from worker’s rights to building cover.
Internet research is helpful but not all information is up to date. A quick Google search will turn up countless results around business legislation and compliance, but some of this will be incorrect. Searches can offer you a foundation to do further research, but even relatively new websites are likely out of date. Fewer areas change as rapidly (or as frequently) as business law, so don’t trust that everything you read is up to date.
Outsourcing is a key business practice. Most business owners are used to outsourcing production, customer services, and even shipping, but few consider outsourcing their legal compliance process. Hiring a legal team to look over contracts and research your sector can be a lifesaver. It saves time and, in most cases, guarantees that you’re fully covered. Find a reputable solicitor who operates in your area. They’ll be up to date with all the latest compliance laws.
Specialist contract lifecycle management software has a part to play here, too. Lifecycle management monitors your contracts to ensure that they don’t go out of date, either through expiration or because the law has changed. This gives you peace of mind that your business is always covered. CLM software saves a great deal of time, too, and can even help you make a move towards a fully paperless office.
#3 Keep employees in the loop
Compliance isn’t all about business owners. Any policy changes that affect employees need to be explained and implemented from the top down via HR to ensure that they’re followed. If the workforce has to adopt new ways of working, these might need dedicated training sessions or more detailed explanations. Some businesses even implement a reward-style system to encourage employees to keep up with new practices.
Whatever you choose, research is key. While training and refresher courses are useful, ensure that important information is made available in both digital and physical form. Storing new regulations on the cloud is especially helpful. This allows employees to access documents at any time.