Week Four Discussionemma Scanlon Business Questio
I will need my initial post first and then will need two classmate response done.
Compliance with government regulations is sometimes burdensome for small business owners. The wording of many laws and regulations is easy to misunderstand. An enormous amount of paperwork is required to generate the reports and record keeping mandated by law. Finally, the cost of complying with many laws and regulations is substantial. What can they (and you) do to change the laws and regulations that influence small business in order to lessen the burden?
Resources:
- Chapter 6 and 7: The Harvard Business Review Entrepreneur’s Handbook: Everything You Need to Launch and Grow Your New Business https://eds-a-ebscohost-com.ezproxy.snhu.edu/eds/e…
- Sage Case Studies from SNHU Shapiro Library: Standard Chartered Banking Sanctions for Profit
To complete this assignment, review the Discussion Rubric document,
My 1st classmate response needed.
4-1 Discussion: Regulations and Paperwork: Can Anything Be Done?
Amanda MacIas posted May 26, 2021 1:01 PM
Hello Everyone,
I think the best way for a small business owner to influence laws and regulations is to attend anything that is for small business owners and have a voice about what needs to be changed. Small business owners could also apple to their local government about what they would like to change about the laws and regulations that they deal with. If that does not work, they could always keep moving up the chain until they have their voice heard. Having a good amount of small business owners to back up what another small business wants to change could always help them out in the end.
My 2nd classmate response needed.
Week Four Discussion
Emma Scanlon posted May 26, 2021 8:21 PM
Compliance with laws and regulations is imperative for a small company. Failing to do so could cause the company to incur penalties, legal issues, and fines. Regulations are constantly changing, and it is the responsibility of business owners to ensure they are keeping up with the current standards (Uzialko, 2018). These laws and regulations include many subjects such as tax rates, minimum wage policies, and regulations for online retailers (Funding Circle, 2020). Many small businesses report that government regulation is the most important problem that they face (Shane, 2014). In order for small business owners to overcome the adversity of government regulations, they must first be informed of the regulations. From there, they can contact their Congresspeople to inform them of what regulations they deem to be unfair to small businesses. The House and Senate Small Business Committees should be involved to ensure that benchmarks are being set and that the burden of such regulations are not so heavy that they will cripple small businesses (Shane, 2014). Large businesses have an advantage when it comes to regulations as they typically have more funding for things such as reporting, record keeping, and third-party reviews (Shane, 2014). These can be quite costly which can make it hard for small businesses to afford. Small business owners should ensure that their voices are being heard and should not fear speaking out on the toll that certain regulations can take on their business.
References
Funding Circle. (2020, March 27). New Laws Affecting Small Business That Could Affect Owners in 2020. Retrieved from https://www.fundingcircle.com/us/resources/new-laws-affecting-small-business-2020/
Shane, S. (2014, January 10). To Help Small Business, Cut Regulation. Retrieved from https://www.entrepreneur.com/article/230727
Uzialko, A. (2018, July 9). How Regulatory Changes Could Affect Your Business This Year. Retrieved from https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html