Whether you’re a sole proprietor or manage a large corporation, and whether running an ecommerce business or brick-and-motor business, compliance is key to ensuring your business operates legally and ethically. Here are 11 ways improving compliance can help grow your business:
1. Improve your brand image
To achieve your business goals, you need to build a strong brand image. If you have an established reputation for doing the right thing, then it will be harder for customers to doubt that you’re trustworthy when it comes to ethical behavior. If they know that you’re committed to doing the right thing, then they might be more likely to buy from you in the future.
2. Reduce risk
When people are more likely to trust your brand, they’ll be less likely to take risks with their money or information. This means fewer problems for both parties involved, which may lead them to choose your company over another in the future. It also means that when there are issues with a customer (or employee), they won’t be as worried about speaking up because they know that their concerns will be heard and addressed appropriately by someone who cares about what’s best for everyone involved.
3. Protect your reputation
A strong compliance infrastructure protects the reputation of the business by ensuring that any legal action taken against it is based on facts rather than assumptions or misunderstandings about what might have happened or how things were done in the past. This prevents legal action from being taken without good reason, and protects the integrity of the business in the process.
4. Attract new customers
Compliance is all about the regulations that apply to your industry, and if you’re not aware of them, you may miss out on new customers. By keeping up with the latest developments in regulations, you’ll be able to reassure potential clients that your company is legitimate.
5. Reduce fraud
Fraudulent activity can happen anywhere, but it’s especially common in industries where there’s limited oversight and regulation like in ecommerce business. By improving compliance with relevant laws and regulations, you can reduce the risk of fraudulent activity occurring within your company.
6. Locate hidden assets
Locating hidden assets is one of the most effective ways of preventing fraud from happening in the first place, but it also has other benefits for businesses like yours! For example, if you know where all of your assets are located so that they can’t be moved without detection, this makes it easier for auditors who might come looking for them later on, which means less time wasted looking for them.
7. Build and maintain relationships
The more people know about you and trust you, the more likely they are to do business with you even if they’re not yet ready to buy from you. By improving compliance, you’re making yourself more trustworthy and the best option for potential clients. They’ll be more willing to work with you because they know that there are no risks involved, so it’s easier for them to move forward with an agreement or a sale.
8. Stay ahead of the competition
A company that complies with all relevant laws will be seen as a more professional organization than one that doesn’t meet those standards – even if it doesn’t cost any extra money in legal fees! This is because companies who have taken steps toward improving their compliance levels have greater credibility with potential clients and customers alike – which makes them seem more reliable overall, especially when compared to those who haven’t taken such steps yet but plan on doing so in the near future.
9. Stay out of legal trouble
The legal system has strict rules around what businesses must do in order to stay within the law and avoid legal trouble, especially when it comes to employee relations or compensation claims against an employer (such as wrongful dismissal). By adhering to these laws, you will also protect yourself from potential legal issues that could arise if your employees are not treated fairly or if they are overpaid in relation to their job responsibilities.
10. Create an internal culture of compliance
Creating a culture of compliance within your organization is just as important as complying with external laws and regulations. By having an open dialogue about policies, procedures and expectations for employees, you’ll ensure that everyone is on board with what it takes to keep your business running smoothly — even if someone isn’t playing by the rules! For example, if an employee has been working at your company for years but never received training on proper reporting procedures or how to properly handle customer complaints, setting up these types of conversations can help prevent future problems down the road.
11. Gain a competitive advantage
Compliance with regulation helps give your company a competitive advantage over others because it shows that you take your responsibilities seriously and that you have sound management practices in place for your business to operate effectively and efficiently within the law. This will also help improve customer satisfaction and loyalty through providing quality service delivered without any surprises or issues arising from non-compliance with regulations.
