Red tape battle rolls over
Dec 05 2006
Despite the Government vowing to reduce the red tape burden for small businesses by only introducing new legislation in April and October, small business owners would be wise not to take their eye off the ball during 2007.
Half of all small business owners and managers feel the ever-changing legislative landscape is one of the biggest headaches when it comes to running a successful business, says research from financial services group Bibby. With more than 50 new regulations introduced in October 2006 alone, it’s not surprising.
To help owners and managers keep their house in order and make their business prosperous in 2007, Bibby has put together some tips for the year ahead:
Budget for change – dealing with legislative change involves time and money, so set aside a budget to help cope with any changes that may affect your business.
Dates in the diary – remember that the Government is now implementing legislative changes in April and October of each year only, so allocate some time in your diary to deal with the changes.
Be organised – your business has to be highly organised to ensure it meets the new directives' criteria. Identify which ones will directly affect your business and try to work out a schedule for complying with them which completes before the deadline.
Take precautions, be aware – firms that do not take precautions and proactively manage staff may fall foul of certain legislation and end up facing prosecution. Carry out personal audits on a regular basis to see if any of your staff will be affected by the newly introduced legislation.
With nearly two thirds of UK entrepreneurs thinking about ways to increase their businesses turnover this year, it is vital they adhere to regulations, rather than face costly fines or penalties for non-compliance, by ensuring that your business is up to speed with legislative changes.
To stay ahead of legislative changes, click here and follow the link at the bottom of the page.
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