• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • May 21, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Startup / 5 Reasons to Hire a Compliance Consulting Company for Your New Business
5 Reasons to Hire a Compliance Consulting Company for Your New Business

5 Reasons to Hire a Compliance Consulting Company for Your New Business

776 Views

Nov 25, 2021 By SmallBizClub

Most industries are regulated to some extent, but some are more regulated than others. If your business is in healthcare, finance, gambling, alcohol, or another heavily regulated industry, you will know the feeling of hitting barriers everywhere you turn. Not to mention, the facing the consequences if you don’t comply.

If you are having trouble trying to keep in line, you can look into hiring a compliance consulting firm to do most of the heavy lifting. Not convinced? Then read our guide to find out all the perks that make hiring a compliance consulting company worth it.

Know what you need to know

To really know what you are doing in terms of navigating the many regulations and restrictions, you will need to read up on all of them. This can take a lot of time and energy. There are documents after documents, pages after pages, all offering a new regulation to be adapted into your company operations. And you can’t just stick to the broad strokes either. It’s easy enough to remember that Russia, before 2013, didn’t allow alcohol to show on almost all forms of media, but UK regulations, for example, offer more specificity to their depiction of alcohol on screen. For example, only at certain times, on certain channels, never during children shows, and it goes on and on.

There are even more detailed examples than that and trying to keep up with it all can be exhausting. And just to pile on, you should remember that regulations will change depending on what country you are operating in, and you will need to comply with all of them or risk a penalty.

For example, bans on online gambling in Africa are currently being lifted, but it is still illegal to start an online casino in Africa. Gamblers are having to access online casinos from other countries, trusting foreign authorities to keep it regulated, only to their standards. Knowing these differences between regulations in each country can keep you from making a costly mistake.

The ever-changing regulations

On top of there being so many of them, regulations also evolve over time. This can be affected by a number of factors like advancements in science and technology, world events, international relations, etc. The most obvious example is the great leap in healthcare that informed the world that cigarettes, in fact, were not good for you. Thanks to a discovery in healthcare, advertising was pulled from just about every media, anti-smoking campaigns were added, and even today you will see prices of cigarettes go up to put customers off the idea.

It’s a good idea, therefore, to keep one eye on the news. Keeping informed on what is happening in the wider world will allow you to gauge what can affect your industry and business. The business and finance section are likely to print all the smaller regulation and deregulation updates, but it is a good idea to keep an eye on world news as well. You never know how things like Brexit, China, war and advancements in tech and science will affect your industry.

But again, that is a lot of information to retain, and you won’t know for sure what will influence your industry until it happens. For example, China recently banned cryptocurrency, which prompted the idea that the currency would crash with such a substantial loss of customers. However, because industry experts saw it coming, the crash wasn’t as bad as expected and the industry quickly recovered.

Even with something bad on the horizon, it can be hard to decipher what the impact on your business will be. Hiring a compliance consulting company will allow you access to expert advice that can help you navigate any new changes to your business operations.

Expert advice always on hand

However, to ask one person to retain all that information and run a business would be astonishing. You shouldn’t rely on that one person, or even a team, to keep a hold of so much information and just be ready with it when the time is right. For one thing, it’s not the most reliable idea, and for another it can cost a lot to hire an entire team.

Legal experts are notoriously stingy with their time and aren’t likely to be around when you need them. Whereas a compliance consulting firm will always be available at any point.

You will also be gaining expert advice that would be difficult to rely on if it was just coming from someone you have delegated the regulation things to on the team.

If your business were to make a mistake concerning regulations, you would find a hefty penalty swiftly dropped at your doorstep. A compliance consultancy firm can help you avoid mistakes that could cost you a lot in the long run.

Filed Under: Startup Tagged With: Compliance

SmallBizClub

SmallBizClub

SmallBizClub.com is dedicated to providing small businesses and entrepreneurs the information and resources they need to start, run, and grow their businesses. The publication was founded by successful entrepreneur and NFL Hall of Fame QB Fran Tarkenton. We bring you the most insightful thinking from industry leaders, veteran business owners, and fellow entrepreneurs. That means guides to the complex worlds of financing and technology. It means business owners sharing their personal stories—both successes and failures— through articles, video, and most important, answers to your small business questions. Follow us on Facebook, Twitter, and LinkedIn

Related Posts

  • training-staff-is-the-key-to-success4 Methods To Secure Confidential Business Information
  • avoid-penalties-and-fees--how-to-keep-your-business-in-complianceUnderstanding SOX ITGC Compliance
  • 6 Ways To Keep Your Business’s Legal Status Safe

Primary Sidebar

Random

Pay Attention to Yahoo: Yelp Partnership Focuses Local Search Back at Yahoo

Mar 11, 2014 By Spencer Frandsen

Lighting the Match: Going Viral

Oct 20, 2014 By Dave Berkus

What Franchise Expenses Are Tax Deductible?

Mar 22, 2017 By Bill Bradley

Don’t Depend On Homeowner’s Insurance for Your Home-Based Business

Mar 16, 2015 By Susan Solovic

What 95% Of Meetings Miss

Feb 17, 2021 By Dave Brock

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy