How to Keep Your Business Compliant with Government Regulations
As a business owner, you have a lot on your mind. Keeping the everyday details of your business humming along, while also looking ahead to avoid pitfalls and grow at a steady pace, can be a balancing act. According to a U.S. Trust report, one of the top five worries for all business owners is compliance with government regulations. Staying aware of the latest laws and aligning your procedures and processes with those laws is tedious at best.
Naming the Nuisance
Government regulation can be a wide net, encompassing a great many details of your business. It can include everything from how you create your product or service and how you advertise and sell, to how you pay your employees and how you pay your taxes. Is there one, or more, of the following areas of concern that seem particularly vexing?
- Federal and State Tax Codes
- Employee Labor Laws
- Advertising Regulations
- Product Packaging and Advertising
- Building or Land Use
- Antitrust Laws
- Licensing and Permits
Why It Keeps You Up At Night
Government regulation can in many ways be a good thing — protecting your employees, your customers, and the public at large, as well as maintaining a level playing field for businesses. However, if the laws are tediously complicated or seem to often change, it can be overwhelming and difficult to ensure you are operating within them.
The U.S. Trust report notes that almost as many business owners cite the cost of compliance as worrisome as the compliance itself. If you are unsure exactly how to stay within the limits of a particular law, budgeting for it can be hard.
What You Can Do About It
As business owners, we know the importance of outsourcing to the experts. You know what you know — and you’re really good at it. The things you don’t know can probably be handled best by someone who specializes in them. If you can pinpoint which laws or area of law are particularly weighing you down, you can consult with an expert in that area — and let that person take that worry off your mind.
Here at Tobias Financial Advisors, we know personal income tax and financial planning very well, and can help you navigate some of those sticking points. We know that business owners are very busy managing the complexity of their business and tend to not make the time to focus on their own personal financial situation. We work with business owners to address their personal financial challenges so that they can focus on what they do best, running their business. We also partner with a number of professionals who can shed light on the other areas of concern in your business, fromtaxes to health insurance and succession planning. Our vision is to inspire, educate, and prepare our clients so they can live the lives they want. If you find yourself tossing and turning over getting your financial life in order, talk to your advisor and let’s get you back to focusing on what you do best.