Remain vigilant in tracking compliance by joining an industry organization, regularly reviewing government agency information and seeking assistance from consultants who specialize in compliance. Non-compliance may result in significant fines and penalties. Staying well versed in applicable laws from federal agencies like the Occupational Safety and Health Administration (OSHA) or the Environmental Protection Agency (EPA) as well as state and local agencies can help minimize compliance risks.
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For example, recent data protection and payment processing compliance could impact how you handle certain aspects of your operation.
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Compliance Riskīusiness owners face an abundance of laws and regulations with which they need to comply. Also, operate with a lean budget with low overhead through all economic cycles as part of your business plan. To counteract economic risk, save as much money as possible to maintain a steady cash flow. It's important to watch changes and trends to potentially identify and plan for an economic downturn. Some positive changes are good for the economy, which lead to booming purchase environments, while negative events can reduce sales. The economy is constantly changing as the markets fluctuate. Here are seven types of business risk you may want to address in your company.
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While success is the ultimate goal, business risk may stop you from achieving the goals you set.īut when it comes to risk management, there are steps you can take. Running a business takes hard work, which can reap the rewards of customers, revenue and satisfaction.