Most people who run their own businesses operate on a razor-thin margin. As a business owner, you have to make sure that you’re satisfying customers, developing excellent products, and making money – within the confines of the law. Getting busted for bending the rules is the fastest way to lose everything that you have worked so hard for in your life. Here are a few ways to make sure your operation is squeaky clean.
Educate Yourself
Attaining some sort of higher education degree is an easy way to make sure that you are conforming to industry best practices in your field. Getting a relevant advanced degree, like a master’s degree in criminal justice, can help you avoid potential pratfalls you’ve overstepped because you’ll be aware of legal and criminal precedent that occurred in your industry’s past. Many criminology degrees embrace the learning of policies and application, so you’ll be able to see how rules and regulations set out by both private enterprises and the government apply to your business. Knowledge is power, and advanced degrees are capable of giving you both of those things in spades.
Evaluate the Practices of Competitors
Evaluate, not copy. Competitor and industry standards may not always be within the law. It is your job to differentiate between a savvy business practice and illegal activity. The best way to see what others in your industry are doing is to observe them. Access all of the public records that you can about other businesses, talk to employees who have left or are still working there, and pay attention to the bottom line of your competitors. Seeing what others are doing wrong is the easiest way to do those things right.
Hire Tax Professionals
Every firm wants to save money by doing their own taxes, but the legal headaches that can result from incorrectly filed taxes simply are not worth the savings. A certified accountant or tax professional can go over your books, tell you what you can and can’t deduct, and even suggest alterations to your business that could streamline it or improve production. Financial professionals are far underrated in the business world, and even if you do complete your own tax returns, it always helps to have a second opinion.
Staying within all of the relevant laws and statutes for your business is not always easy. There are lots of complexities to many industries. The best strategies for compliance are observation, education, and asking for help when you need it.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She also enjoys being in the outdoors and exploring new opportunities whenever they arise. Meghan also enjoys researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
