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Small business: Why compliance should be your top concern
While business growth is important, compliance is an essential ingredient for small business risk management to prevent even bigger problems
When you own a small business, growth is a good thing, although it comes with inherent risks that creep up each time the company adds a new employee. But is staying on top of compliance issues in the budget for small business?
Consider this: many small businesses start out with an office manager who juggles it all to keep the small, tight team running smoothly – handling payroll, recruiting new hires, overseeing the employee benefits plan, and filing workers' comp claims — along with a dozen other things.
As the company grows, the office manager spends more time recruiting and hiring. But more employees mean additional regulations and less time to figure out how to maintain compliance. That one person is now worrying about payroll laws and reports, labor law issues and employment law, employee accommodations, OSHA requirements, and all sorts of potential problems, sometimes with no formal training or education in these critical functions.
Download our free white paper, 5 Overlooked Ways Risk Increases as Your Company Grows, and learn more about the potential risk your company’s growth may be facing – as well as strategies to protect yourself. Included in this download is a quick reference to employment laws that apply as your company hits new growth stages.
Ensure your small business remains compliant even as it grows. Download the free white paper to learn what to watch for and how to protect your business from a costly mistake (click the image to start the download).