We all strive for success in business. We do our best to create a vibrant and engaging online presence for our enterprises including a comprehensive and responsive social media presence. We ensure that our products are of the highest quality and that our employees are trained to give our customers the kind of first rate experience that they deserve. Whether your business has a physical presence or exists solely in the digital realm, all entrepreneurs know that their enterprises are only as strong as their weakest link and that lapses in quality could see them join the 50% of enterprises that fade into obscurity within their first 5 years.
But aside from ensuring that they engage with their customer base and create viable products of real value to their target market, SMEs need to vault over a more complex hurdle. A hurdle that has been known to fell even the mightiest of businesses… A hurdle called compliance. There are many ways in which small businesses are expected to be compliant and when they are not, there are always severe consequences which could cripple them. Here we’ll look at some of the more common compliance issues in 2018 and how to overcome them.
This is probably the biggest compliance issue of the year and if you do business with or within the EU it’s something that you will absolutely need to keep up with. For years now, businesses have been reliant on email shoots to their customers to keep them abreast of new products, special offers or simply new goings on within the business. While this is valuable to some customers, new laws state that as of 25th May this year, all outbound communication with customers and clients needs to conform to General Data Protection Regulation guidelines. If you’re still sending unsolicited email shoots to customers who have not subscribed to them, your business could be amongst the nearly 50% of businesses that may be fined for not conforming to the new guidelines.
If you run an e-commerce site or simply rely on the shipping of products and / or raw materials as part of your regular operations you may be surprised to learn that the packaging you use to transport hazardous materials may not be compliant with UN guidelines. This can even extend to seemingly innocuous things like batteries. Look for packaging that is compliant with UN CFR 49 rules and more at CLSmith.com. Every non-compliant package you send out is a safety risk that could compromise your all important reputation.
The world of human resources is an ever changing landscape in which businesses must keep abreast of legislative changes for the good of their employees. According to employeebenefitadviser.com some of the biggest HR compliance challenges this year are :
- State and federal salary history bans
- Inclusion and diversity
- Drug testing
- Mental health and employee wellbeing
Your employees are instrumental to the success of your business and in order to ensure that they receive the care to which they are entitled, your HR department (or outsourced provider) must ensure that it is up to date and able to handle compliance issues as they arise.