Businesses both big and small have to contend with compliance. You have to make sure that you’re in compliance with the latest tax laws, you have to make sure that your hiring and firing policies comply with state and federal laws, and you may have special considerations depending on what kind of business you run. For example, restaurants have to comply with health department guidelines.
Identifying the aspects of your business that require compliance considerations is the first step, but you also have to make sure that your plans and policies actually comply!
Here are four ways you can make sure your business is actually in compliance with local, state, and national laws.
Keeping track of compliance issues used to be a huge undertaking. Even the smallest businesses needed a dedicated compliance professional in the past because of the paperwork involved. Even today compliance can be a challenge because laws are changing all the time. Fortunately, it’s easier than ever to do your own compliance, as long as you have the right software.
For example, Reciprocity can make it easy for you to keep your company’s internal house in order. Not only can they help you make sure you’re in compliance, this software can even help you use these concepts to spur innovation in your business.
Know How to Measure Success
No matter how you choose to keep track of compliance issues, it can be difficult to tell if you’re actually being successful. Exactly how do you measure compliance success?
There are many ways to do this. Some are better for some businesses than others, but a few ways include:
- Conducting a practice or test run
- Conduct employee surveys and compile the results
- Quiz or test employees to see if compliance training has been effective
If you find that you’re not as successful as you thought you would be, make sure you take the time to work through the solution. If you rush in and make changes too soon, you may find that your compliance suffers instead of getting better.
Plan for Annual Reports
Keeping track of compliance throughout the year will make creating an annual report much easier. It’s important to create a detailed, accurate report because it’s the best way to separate your business from any personal entities, should anything happen to your business.
Make your annual report available to all of your employees, and make sure it is delivered to shareholders in a timely manner. Doing your annual reports in this way will keep you accountable.
Hire an Expert
Compliance can be tricky, whether you use software or not. Don’t be afraid to hire a professional compliance officer or a registered agent. If nothing else, they can help set you up for success so you can keep track of compliance issues on your own.
Compliance doesn’t have to be a scary endeavor. With the right support and practice, you can make sure every area of your business is in compliance, which can boost your business’s chances of sticking around for many years to come.