Tuesday, March 22, 2016

What do small business owners struggle with: complying with regulations and laws

One thing most small business owners must deal with is the need to wear many hats when running their business.  It can be tiring and worrisome to try and manage all the different tasks without the necessary skills or training.

One way entrepreneurs can reduce the strain is to take advantage of the resources available to small businesses.  Their local SBDC (Small Business Development Center), the SBA (Small Business Administration) and their local SCORE office are the best sources of free or low cost assistance.  Their experts can point a small business owner in the right direction when dealing with the myriad of laws and regulations a company may need to comply with.  Employment laws alone keep many small business owners from hiring needed employees.  Sitting down with an expert from one of these resources can alleviate many of the concerns and enable the entrepreneur to take the necessary steps to becoming a successful and compliant employer.

Another way a small business owner can insure compliance with regulations is to use the expertise of an outsourced service provider like an accountant, an attorney or a human resources expert.  Using an expert such as this can help the business get set up correctly at the start and trained to continue compliance with employment, sales or other regulations.  Using an outsourced expert will give the business the skill set necessary to insure compliance without the ongoing cost of hiring an employee to handle the tasks.

The SBDC, SBA and SCORE offices often have local experts they can recommend to small business owners so if they exhaust the free resources, they have an outsourced expert they can hire. The following links can assist you in finding the appropriate resources in the State of Wisconsin.  If you are in another state, just search for the resources with your state's name tagged on!

SBDC: www.wisconsinsbdc.org

SBA: www.sba.gov

SCORE: www.score.org

Don't let the fear of regulatory compliance keep you from growing your small business.  Conversely, don't bury your head and avoid the steps needed to insure compliance.  The government takes employment issues very seriously so calling people contractors to avoid employment taxes is not the correct tactic to take.  Find an expert to help you manage the task of following all relevant laws and regulations for your business.

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