Business

A Quick Guide to Compliance for New Businesses

When you’re running a small business, expect long hours and some uncertainty in most areas, including compliance. Did you know that a survey conducted by the National Small Business Association showed that 44% of small business owners spend over 40 hours yearly on federal compliance, with 12% reporting that they don’t know the source of most regulation that affect their business?

That’s why it’s important to learn more about compliance training courses and how to conduct it in your small business properly. Read on for helpful tips.

  1. Employment Policy Handbook

Whether you’re a small team or have 100 employees, you should have an employee handbook. That helps make sure all company policies are clearly communicated with and agreed on.

Small businesses can outline what employees should know when working in the organization, including workplace conduct down to storing and treating data. This is the chance to introduce the company mission, culture, and operating policies.

  1. Prevention is Better Than Cure

Rather than treating misconduct after it happens, prevent it from happening in the first place. It’s convenient to assume responsible adults are aware of what appropriate workplace behavior is, this is not always the case.

Mandate proper compliance training and ensure there is signed acknowledgment of the training.

  1. Stay Updated on Compliance Changes

Another effective way in avoiding compliance issues and penalties is, obviously, by staying compliant. But that’s easier said than done!

Compliance would span from different levels of legislative bodies. Because of this, you’ll need to make sure you’re monitoring all the deadlines and that you stay updated with compliances relevant to your business. Furthermore, those updated rules and regulations must be communicated with to employees efficiently.

This can be done through HR technology and professionals, as well as platforms like True Office Learning to train employees.

  1. Improve Communication

Keep all office communication to one platform, such as an intro-office email or messenger. Doing so will minimize and risk or confusion involved with multiple communication channels. After all, it’s difficult maintaining the main message and integrity of information shared when the small busines has various ways to communicate, such as texts, emails, social media, among others.

Plus, one medium for office communication is best with various privacy measures and data protection in place.

  1. Have a Checklist

Compliance checklists are helpful to develop compliance and HR policies, as well as to update existing ones as needed. A good checklist should cover the general HR tasks, such as recruitment and hiring, benefits, payroll, compensation, as well as company compliance.

A checklist is a great way to start, as well as using HR tech for automating tasks. Both these tips can help ensure compliance is in place without exerting too much time and effort.

Wrapping It Up

Hopefully, you learned a lot about compliance training and you can conduct it properly as a small business. Keep these tips in mind and set your business up for success, starting with compliance.

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