Business owners know that it is important to maintain compliance with federal and state laws. However, regulatory changes have a major impact on businesses of all sizes, making it increasingly more difficult and important to stay on top of all the changes.
If you’re not immersed in government news, it can be tricky to keep up with ever-changing business and economic policies. In a recent expert panel, COO and founder Chris Friel and fellow members of Business Journals Leadership Trust provide tips to help companies remain in compliance!
1. Subscribe to regulatory agencies. Subscribe to the agencies that regulate your industry. Assign a lead for compliance for your company who is accountable for this work. Attend webinars and do a quarterly review of law changes. Share this information with all who need to know. – Sherine Khalil, Valor Compounding Pharmacy
2. Tap into industry events and educational resources. By joining industry associations, you can often remain informed about new and emerging business and economic regulations. Most offer regular events as well as webinars, newsletters and even social media forums to keep you up to date with the latest details. Large and small companies alike need a formal compliance structure or compliance officer to manage issues. It’s simply too important not to do so. – Jeffrey Bartel, Hamptons Group, LLC
3. Join a trade group or association.
Most industries have an association of like-minded businesses and professionals. These organizations offer resources and coaching that will help you uncover any of your potential blind spots and teach you how to stay in alignment with the trends within your industry. You may also make some connections that will be of future benefit to you. – Jared Knisley, Fizen Technology
4. Consult a trusted legal advisor. Today’s business leaders have found themselves in an always-changing global climate. Having trusted legal counsel to assist in filtering through the noise is among the most valuable assets a business leader can have. – Wesleyne Greer, Transformed Sales 5. Give your board of directors easily digestible updates. In our experience, most boards embrace their fiduciary role and are always looking for ways to painlessly stay abreast of compliance updates. Instead of attaching lengthy and off-putting copies of the latest regulations in board packets — which are seldom read, let alone absorbed — email directors a quick update linking to the news that’s been aggregated by your favorite accounting or law firm. – Lisa Anne Thompson Taylor, Board Veritas
6. Hire a team to help.
The best thing you can do is hire a skilled team of people who are going to keep an eye on all those changes for you. But if you’re a new business and can’t afford it at the moment, at least find a way to stay informed. Read the news, subscribe to a couple of trusted sources that will send you updates or attend relevant events a couple of times a year. – Solomon Thimothy, OneIMS
7. Partner with a trusted IT provider to maintain cybersecurity compliance.
Internal monitoring and auditing are essential to identify and correct compliance errors if they occur. Compliance and IT security go hand-in-hand. This is where partnering with IT providers provides value to organizations. It’s not just passing compliance audits — it’s knowing you have optimized security and lowered risk. – Chris Friel, VoDaVi Technologies
8. Monitor your economic thresholds per state to determine your sales tax liability. Sales tax compliance all comes down to monitoring your economic thresholds per state as your business grows — whether that’s operational or sales growth — and keeping your sales tax compliance process inline via a tax calendar, notices and so on. If this can’t be managed internally, it’s a great idea to outsource sales tax to a provider who is an expert in sales tax compliance. – Robert Dumas, TaxConnex
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