Small businesses across America are struggling to deal with the mountain of federal and state regulations thrown their way. Whether it’s the Federal Tax Code, the Affordable Care Act or overtime rules, regulation puts a strain on both the operations and the finances of small companies.
The average cost of complying with the many regulations small businesses now face is $12,000 — money that could be spent on jobs, expansion, new equipment and marketing. So what can you do to ease the burden of government regulations on your new business?
Outsource Compliance
Hiring a specialist auditing firm to manage your company’s regulatory commitments could be the most cost-effective option available to you. This route is usually cheaper than hiring a new employee to do the job, and it leaves you free to run your business. It also means you can hold a third party accountable if things ever go wrong.
A great place to start is with the hiring of an accountant. A fully licensed accountant will keep you on the right track in terms of all your tax commitments. An HR specialist can provide guidance on issues such as overtime, job-protected leave, health insurance, workers’ compensation and workplace safety.
If you’re going to be advertising, your campaigns could be subject to FTC rules, so you should seek advice from an expert. Email marketing, for example, must comply with the CAN-SPAM Act, so seeking third party advice before you start your campaigns is essential.
It doesn’t matter how large your business is, you’ll still need to be aware of antitrust laws. These extremely strict regulations prohibit the fixing of prices or the manipulation of markets in any way. A specialized corporate lawyer can help you to remain compliant with all antitrust regulations.
Online Resources
If you’re starting a new business on a tight budget, you simply may not have the cash to outsource your regulatory compliance. Thankfully, there are a few very good online resources aimed at smaller businesses. You can stay up to date with the latest business regulations — which change all the time — by regularly checking the regulations.gov website.
Using reference material from official government websites can keep you compliant, but all the hard work is still left to you. And because many of the regulations that affect small businesses are worded in legalese, they’re not always clear to people without any knowledge of the U.S. legal framework.
As the owner of your business, it is ultimately your responsibility to make sure you are compliant with regulations. Fall foul of the law, and you could be hit with a hefty fine.