6 Ways Compliance Can Make or Break your Business in 2021

Mastering compliance can reap many benefits for your business.

Compliance with laws and regulations will create a positive working environment for your employees, and also build your brand image. On the other hand, failing to comply with government guidelines could result in steep fines and penalties, cause significant damage to your company’s reputation, and could even lead to your business needing to close down.

2020 was a tough year for most businesses, and almost all companies are hoping that 2021 will turn things around. With the light visible at the end of the tunnel, it is very possible that this will be a much better, or even a spectacular year for your business. However, one thing that could make or break your success is compliance.

For such an important area, compliance is all too often overlooked. Therefore, this is a great time to review how compliance could make or break your business, in order to put your best foot forward in 2021.

1. Fines and Penalties

Failing when it comes to compliance can be a disaster for your business.  There is a lot at stake if your business doesn’t follow the relevant rules and regulations. First and foremost, being compliant ensures that your business is following mandatory regulations stipulated by the government.

By following compliance practices, you will avoid paying unnecessary fines and penalties. Government agencies commonly perform periodic compliance checks, and if they find any compliance issues, they can impose heavy fines or it might lead to suspension of business as well. At the end of the day, overlooking compliance is never a good idea.

2. Brand Image

Being compliant empowers your brand. It builds trust with your customers and shows them that the organization as law-abiding and careful. Employees also feel more confident when they work at a completely compliant workplace. Creditors feel more confident investing in a compliant brand. Overall, it’s a win-win situation for the business.

3. Workplace Health and Safety

Implementing strict procedures and practices help you to establish a safer and healthy workplace. A workplace that fails to follow regulations and safety standards are more prone to accidents and risks. Not only does this allow you to fulfill your duty of care to your employees, but it also helps with staff retention, as no one wants to work in an unsafe environment.

An unhygienic workplace can lead to unhealthy work conditions, causing employees to fall sick more often and so a decline in overall productivity. Equally, Improper installation of electrical fittings pose extreme dangers in the workplace. Hanging wires and improper cabling can trigger a short circuit at any moment. Complying with regulations in this area protects not only your business but your staff, clients, and visitors too.

4. Change and Innovation

In developing and following these processes and policies, staff and management will find new and better ways of doing things. Furthermore, this drives your organization to define and follow your core values, further driving innovation.

5. Environmental Responsibility

Governments have introduced various regulations relating to carbon emissions as part of their climate change efforts. Following these regulations not only makes sure you are compliant, but it also makes your business more environmentally responsible, so you will be confident that you are reducing your impact on the environment.

Aside from the moral imperative, being environmentally responsible also has business advantages. With increasing numbers of consumers becoming aware of environmental issues and choosing to support green businesses, being more eco-friendly is a powerful marketing tool that could provide a boost in sales.

6. Expert Advice

You can manage many aspects of compliance in-house, but in cases like electrical and fire safety it is best to consult with experts like PHS Compliance. These professionals can help to design fire safety procedures, analyze the potential risks and develop customized fire safety solutions. At the same time, they make sure you are compliant with all fire safety regulations.

Working with experts allows you to supplement the skills and knowledge you have in house. Particularly if you have a small business or start up, you are unlikely to have this level of expert knowledge within your organization. Even large companies may lack the latest, up-to-date knowledge in specific areas of compliance.

End Notes

If you’re ready to hit the ground running and make 2021 a great year for your business, you need to make sure you have the right foundation to do so. This means have a strong strategy, the means to execute it, and, above all, keeping on top of compliance!