Actions Your Business Needs to Take to Stay Compliant
By Space Coast Daily // October 11, 2022
Operating a small business is no small task, and one of the challenges for many owners is staying in compliance with state and federal laws. If you are new to entrepreneurship, this may feel like a nearly impossible task. Understanding the laws requires patience, and there are a few ways to make sure you stay compliant with them.
Stay Compliant with Your Fleet
Running a fleet requires a separate set of knowledge about the industry, and if you want to stay compliant, you’ll need to know about hours-of-service rules. HOS rules relate to driver rests, how much time they can spend on the road, sleeper berths, and other factors. It’s often difficult to keep up with these rules, so you might want to consider using an electronic logging device (ELD) to keep up with what you need to do.
Get Outside Help
Many small businesses have limited resources and time. One of the best ways of staying updated is to work with a specialist in your area. If you are in the transportation industry, find a consultant who has also worked in your industry and wants to build a relationship with you.
You will also want to have legal help along the way. Legal compliance is one of the top areas you need to think about, and it can be hard to find legal guidance among your own employees. It’s a good idea to work with an external legal firm, where you can ensure your bases are covered. Find someone you trust enough to make your partner, not just an attorney, as a legal partner is a valuable asset.
Keep Yourself Informed
There are reasons you may fall behind on your knowledge, but if you want to be successful, it shouldn’t be an excuse. It’s your responsibility to keep up with updates in your industry so you can apply them to your work. One way of doing this is by joining state and local organizations around your area of expertise. This allows you to keep up with changes, and you can receive regular training, communication, and workshops from different associations.
Consider getting involved with the local community whenever you can. When you engage with the public, you will build valuable relationships and also keep up with changing policies and laws. You can attend meetings in the area or even attend local government board meetings relating to the industry. This might even allow you to influence policies affecting your company.
Automate Where You Can
Automation is one of the biggest tech trends to be aware of right now. You might not have the resources or the knowledge to keep up with changing laws in the area. It’s a good idea to work with experts and turn to automation when you can.
Different accounting software is updated on a regular basis as tax laws change. Getting an updated version each year will ensure you have the most updated resource at your fingertips. You can work with an attorney when it comes to corporate law, as this will help navigate any relevant changes.
