Why bother with Legal Compliance?
Not many people realise (apart from lawyers of course!) that the law can be a very powerful tool for making really great decisions, and once you embrace that idea you can not only grow your company in a sustainably knowing that the law will support you every step of the way, but also to make your business as fireproof as possible so that in the event a customer, a member of the public, or even a regulator questions you on your products and services or business practices you know that you can stand tall and have robust answers to everything that you do because it has been well thought out. Not only from a commercial perspective but from a legal one too.
It’s always advisable to consider which laws would be applicable to your business activities and so having a robust legal compliance framework within your business can support you in achieving your end goal. For example:
Data Protection Does your business handle personal data for your customers?
Commercial Law Will you be buying and selling? Do you use suppliers?
Equality Laws Do you interact with members of the public and can you make reasonable adjustments in your ways of working?
Employment Law Will you have employees and do you know what rights they have?
Competition Law Are you the main player in a niche market and is your sales and pricing strategy abusing your market position?
Not all laws are created equal and you might decide to take a risk based approach on what you want to focus your energy and resources on.
You might be in the early stages of creating a business and want to prioritise safeguarding potential income, being a little bit reactive and focus your attention on a proactive strategy at a later date.
Or you may be at a more advanced stage where you're looking to scale your business model and therefore you want to approach legal compliance holistically.
The best business models are the ones that have at least thought about everything.
A legal compliance framework can help you avoid:
Fines that could devastate your business
Legal Action from customers or other competitors
Regulatory Investigation
Reputational damage
Poor Client Acquisition as a result of reputational damage
Directors imprisonment*
Employee Imprisonment*
*depending on the laws in your country
A legal compliance programme is a good way to show the world that you are a responsible business. You can do this by complying with all regulations, laws and guidelines that apply to your industry and country.
