If you are running a business, it is important that you protect your assets and avoid legal challenges. If you don’t, you could end up in trouble financially or damage your reputation. It is crucial that you’re able to improve your reputation and protect your assets, therefore, being aware of the legislation and complying with the recommendations of your industry is an essential step in protecting your business. Here are a few compliance areas you should be aware of.
Employment Rights
You might have read a couple of employment law cases in the newspaper or an online magazine, related to discrimination, unlawful dismissal, or the lack of complying with workers’ rights legislation. If you are not an expert in this field, you might want to ensure you talk to an HR professional who will help you design your contracts and internal policies to prevent employment issues.
Health And Safety
Apart from taking care of workers’ rights and making sure they are supported, you also have to keep them safe. You have to create a health and safety policy and provide adequate training to prevent and avoid accidents and injuries. Let your employees know you support them and you are concerned with their safety. This is also another way to make your team feel valued.
Copyright Legislation
No matter if you invented a new software technology for your company, it’s important that you register it with the authorities. By doing so other companies should not be able to copy your design. When choosing a name for your company or product, it is also crucial that you check whether or not the brand mark is already registered. You don’t want to face costly lawsuit you cannot afford over trademark infringement.
Financial reporting
There is certain legislation regarding how you report your financial performance, depending on your business structure. It’s easy to do something that might look like you are taking part in tax avoidance schemes, and end up in trouble with the tax authorities. If you are not sure whether or not you are crossing the line, it might be a good idea to check out companies like Qdos Contractor if you are in the United Kingdom www.qdoscontractor.com or a company that understands tax laws in your area for expert advice so you can avoid having to pay fines.
Marketing and Privacy Issues
Whenever you are starting a new marketing campaign and engage with a new agency, you will need to ensure that they will not get you into trouble. Your privacy policy needs to be clear and cover every aspect of using customer data. If you do business in the European Union, you will need to ensure your marketing agency is fully GDPR compliant. By doing so, you can ensure your business will not be challenged for unethical marketing practices.
There are several compliance areas a business owner needs to be familiar with to avoid legal challenges and fines. Although they may not all apply to your business, these are ones you should be familiar with. There also might be environmental legislation specific to your industry you need to be aware of. Always talk to an expert to reduce your business risks and protect your future. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive and Leadership Coach. She is the President of Infinity Coaching, Inc. where she can help you up-level your skills, so you can up-level your income, career, business or life. Infinity Coaching, Inc. provides coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more about both assessments and other products and services at https://infinitycoaching.net.
