Successful businesses have a few things in common. They do well financially, they run smoothly from the inside and they attract talented employees.
At the core of each of these qualities is compliance. That is, compliance to state and federal rules and regulations.
Of course, compliance is something that you have to consider as the owner of a business in Georgia. Even though “compliance” is frustrating and confusing, it would be a poor business strategy for you to disregard these laws completely.
However, going above and beyond typical levels of compliance can have some positive impacts on your business’ success such as:
- Happy employees. Compliance encompasses all laws that could affect a business, including those that could affect employees. Sexual harassment, discrimination, wage and hour, and other laws all exist to protect employees. When a business puts extra effort into ensuring proper procedure when it comes to these laws, employees are more likely to feel supported, safe and secure in their jobs. And employees who feel protected are more likely to stick around.
- Keep costs down. Noncompliance can come with steep fines that can be a major setback to your business. Not only that, but noncompliance can also lead to lawsuits and other issues that interrupt or stop workflow, costing you time and money. In some situations, your business could even be shut down. Getting ahead on compliance from the start can help you protect your business from all of these disruptions.
- Strong reputation. Noncompliance matters never look good for a company. Depending on the type of issue, noncompliance can ruin your company’s reputation, causing you to lose business and employees. Just think about what Wells Fargo is going through right now. A tarnished reputation may also make it difficult to attract the best talent to work for your company. Maintaining a strong record of compliance, on the other hand, can make your business stand out among others for potential clients, employees and partners.
The benefits of getting ahead on business compliance are clear. Now it’s up to you to take the necessary steps to steer your operations in the right direction. Because ensuring that you adhere to all rules and regulations is often difficult and time-consuming, it can be helpful to consult with an experienced compliance attorney.