Ensuring Legal Compliance for a New Business
Anybody running a business will be able to tell you how complex the regulatory landscape is at the moment. This can be intimidating to a lot of businesses, especially smaller ones. These are also the ones that are the most vulnerable to lawsuits and are the least well equipped to fight them. However, it doesn’t mean that there’s nothing you can do. There are some simple steps new businesses can take to ensure they follow legal compliance at all times. Let’s take a look at them.
Always Stay on Top of Recent Changes in Regulation
Compliance is not a set-it-and-forget-it process; it’s continual, and you always have to scan for new legislation that may be affecting your business. In this case, it would be a good idea to have a good lawyer or accountant to keep you abreast of some of these changes. Also, there are some software solutions that have “find new regulations” features that can identify changes using natural language processing.
Make Sure Your Website is Compliant
Building your website is not something that you can take lightly. Being non-compliant could end up costing you dearly, especially if it’s the most important part of your business. So, you have to get familiar with things like ADA compliance and make sure that your website is compliant with the FTC. They will check for any false claims, so you have to make sure that you’re as truthful as possible with your material. You also need to look at things like the GDPR if you intend to serve residents of the EU.
Use a Good Business Formation Solution
Another thing you should do is consider using business formation software. This will allow you to avoid paying for an attorney and some of them will help you stay compliant as well. Some of the most popular tools out there include LegalZoom and IncFile. Both are good options, but they’re slightly different. While both will help you with legal compliance, LegalZoom is a bit more extensive. So, make sure that you look into them in detail and see which one would be the best depending on the needs of your organization.
Work with Specialists
If you don’t have the expertise yourself or in-house, it would be a great idea to find people who do. It’s not uncommon for new and small businesses to break the law without even knowing it. This is why you should consider hiring a compliance consultant who will be able to tell you what you’re doing wrong and the steps you need to take. Having a few specialists on call will give you someone you can call when you have immediate issues.
Make Sure that Your Employees are on Board
You also want to make sure that your employees are doing their part. There is no point in having policies if no one follows them, which is why you need people to be well-informed about them and have a way to hold them accountable if they don’t. This is where it will be very important to get HR involved.
You have to make sure that all policies are well documented and easy to access. Have as many reminders as possible. You also want to explain the ‘why’ behind the policies and recent changes. Also, we suggest you spend more time on training and have a way to reward those who follow procedures.
Ensuring legal compliance for your business is essential and should be an everyday priority for you. We strongly suggest you start with the right people in your corner and make sure that everyone in your organization is on the same page.