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The Importance of Compliance for Your Business

Understanding and maintaining legal compliance is incredibly important. However, it is not always easy with so many different regulations to keep abreast of. As a business owner, it is your responsibility to ensure that your company is adhering to all relevant legislature. 

compliance for your business

What is Compliance?

First, you need to understand exactly what is meant by the term compliance; it simply means to obey all rules applicable to your business or industry. In theory, this should be simple, but in practice, it is often anything but. Learn the rules for your jurisdiction that govern all practices related to your business, from labor to taxation. Do your research into any other sector-specific rules that your business needs to follow, including permits and health and safety policies. For example, if you work within the agriculture sector and hire foreign workers, securing a migrant worker visa is a must. Farmer Law PC can provide you with all the information and help you need to secure these visas.

Know the difference between the regulatory bodies at different levels. If your business is operating within the relevant regulations and guidelines without violating any of the provisions set out by the regulatory bodies, then your business is compliant. 

Compliance, Employees & the Workplace

It is the government’s responsibility to ensure the welfare and safety of its citizens, which is reflected in the rules put in place by them. A perfect example of this is the laws related to labor rights and workplace safety; ignoring them has repercussions on an official level but also within your team too.  Flouting workplace safety guidelines also runs the risk of earning your business a negative reputation. Retaining and recruiting employees becomes harder, making it more difficult for businesses to achieve their goals.

Implications of Non-Compliance

Avoiding legal implications of non-compliance is best done by paying special attention to compliance at all levels of the organization. Failing to do this leaves the business vulnerable to legal action on multiple fronts. Both government agencies or authorities and previous or current employees can take legal action against you for severe cases of non-compliance

In the End

Striving towards compliance is simply good business sense. It reduces your risk of repercussions from regulatory bodies as well as improving staff morale because they feel as though you are taking care of them. Assess your business. Are you doing everything you can to ensure compliance? 

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