There are rules and guidelines for pretty much everything out there – unspoken social rules, legal rules, even rules in board games to keep kids from cheating. So, it’s not all too surprising that there are going to be plenty of rules and regulations surrounding businesses and how they operate too. As a small business owner, you may not be immediately familiar with all of the rules out there that apply to you, but it’s absolutely essential that you put the time and effort necessary into looking them up, understanding them and then abiding by them. Not only will this help your business to run more smoothly, ensuring nobody is walked over or wronged, but it also ensures that you maintain a good public image and that you don’t find yourself facing law courts or other situations that could damage your brand’s reputation and your company’s finances. Now, there are plenty out there, so it’d be nigh on impossible to tackle them all in just one article. But let’s focus on a few prominent areas for now, to get you started out in the right direction!
First, let’s start with data protection. Every business takes data. After all, data is just another way of saying “information”. You take employees and customers’ names, addresses, contact numbers, email address and bank details or payment information. There are so many reasons you need to protect this data properly. Should it fall into the wrong hands, you’ll have breached these individuals’ privacy and it could be used to commit all sorts of crime, such as identity theft, fraud or even financial theft. Now, data protection is an extremely complex area with a lot of ins and outs. To comply with it as best possible, it’s best to have a Digital Due Diligence check carried out on your company by a third party. This will ensure that all of your digital data is being stored properly and safely, as well as used in an appropriate manner, if it is being used at all.
Discrimination acts and laws are in place to protect people and ensure that nobody experiences discrimination. This law largely applies to protect your employees or people who are applying to work for your company. You will easily be able to find a full list of protected characteristics that you cannot hold prejudice against. These include age, sex, gender, sexual orientation, religion, ethnicity, marital or civil partnership status, pregnancy, or being transgender.
Of course, your business is going to have to pay tax. Whether you’re good with numbers or not, it’s generally recommended that you work with a professional accountant to figure your taxes and expenses out. This will ensure that you definitely pay the right amount at the end of the fiscal year!
These are just a few monitored areas that you need to focus on when running a business. Hopefully, the above information will help you to manage these areas well!