As a business owner, staying up to date with the law and ensuring that everything is done by the book should be at the top of your priority list. You have a responsibility to keep your staff and customers safe, and to ensure they are being treated fairly and equally too. There are a couple of areas in your business which are particularly vulnerable to things going wrong, which could potentially land you in a lot of trouble. Here are a few of them, and how to protect against them.
Human relations deals with everything from hiring to firing, bullying and harassment in the workplace and much more- so is an aspect of your business that you really have to get right. Often matters can be very sensitive, deal with them in the wrong way and you could well end up dealing with a lawsuit. Getting advice from experts such as http://www.elliswhittam.com/HR-consultancy or outsourcing entirely to a company specialising in HR could be a good option. Since HR companies will be up to date on the ever- changing law surrounding employment, you have peace of mind that everything is being handled efficiently. Ensuring staff are treated respectfully and according to the law will of course keep them happy and make them feel valued too.
From payroll to paying taxes, the financial side of business is incredibly important to get right. Employees are certainly not going to be too happy if they’re not paid correctly each week, and errors in your tax forms can lead to penalties, fines, even a prison sentence. According to http://www.cnbc.com/2014/03/06/5-strategies-to-beat-a-small-business-tax-audit.html
tax audits are less frequent these days due to underfunding at the IRS, however they can still be a source of stress for business owners. Make sure you have trustworthy, reliable and experienced accountants on your team, or again outsource to another company if you don’t feel confident keeping it in-house.
Insurance and Licenses
If someone is hurt on your premises, or as a result of your business, you could end up in a huge mess. Without the right insurances to cover you, it could lead to a lawsuit so large that it bankrupts your business. Along with the specific insurances you need for your business, you will also need public liability insurance to cover you. This site https://www.moneysupermarket.com/business-insurance has more information about exactly what this covers. Before launching, speak to a lawyer or seek professional advice about which kinds of insurance and licenses you will need. You actually need a surprising amount of licenses when you run a business. For example, if you own a shop and want to play the radio or any background music you have to have a license to be able to do this. Everything needs to be carefully planned out and considered before you start trading.
It’s easy for new companies to make fatal errors which could cost them the future of their business. If you’re new to business, be sure to seek professional help where needed, and consider outsourcing tasks for full peace of mind.