In a previous article, we talked about government initiatives designed to help your small business thrive. With the economy showing steady and sustainable growth, these government initiatives have helped many businesses achieve success and grow exponentially.
Initiatives are not the only way the government is affecting your business. There are federal and state regulations designed to govern how businesses operate. Understanding business regulations and complying with them is also equally important to the success of your venture.
It is clear that there are several regulations that affect businesses more. In this article, we are going to focus on the three most important regulations to understand and how they affect your business.
Employment Law
Employment law is at the top of our list. The job market is shifting rapidly towards better opportunities for everyone, so it is not surprising to see employment law adapting to market changes. The Fair Labor Standards Act or FLSA is one of the first regulations you need to understand. As the name suggests, FLSA affects how businesses pay and provide for their employees.
There is also the Paid Family Leave Act, a regulation championed by Rep Manweller from Washington, a champion of entrepreneurship. Thanks to this regulation, dedicated fathers can stay home and be an even bigger part of the early days of their children.These employment laws are not only beneficial to employees, but also beneficial for the employers. Some businesses go beyond what the regulations require as a way to show appreciation to their employees. After all, employees are your biggest assets; their growth means the growth of your business.
Tax Code
Entrepreneurship is booming across the country thanks to recent changes in regulations, particularly the clearer tax code businesses now have to work with. Every entrepreneur knows that taxation is more than just about paying taxes.
Business taxes are now made clearer to help new and existing businesses grow. Rather than trying to navigate through the complex set of tax regulations, you can now master the taxes you need to pay, when to pay them, and how to best anticipate future taxes for healthier cash flow.
The taxes themselves are simplified. Income tax is a must for virtually every business, but not all businesses need to pay excise tax. The more you understand the tax code, the better you will be at anticipating the taxes you need to pay.
Advertising and Marketing Laws
There are other regulations governing your business, but the advertising-related ones are the regulations that affect your business more. Now that digital marketing is more accessible to many, advertising regulations allow you to promote your business without violating the rules.
Advertising regulations also govern product packaging, the information you put on the packaging, and the way you sell products and services online and offline. These details will certainly affect your marketing strategy as a whole, but they also provide clear guidance on how to approach marketing and sales.
The regulations are put in place to provide clarity and clear boundaries. By taking the time to understand the regulations governing – and affecting – your business, you can capitalize on market growth and reach new heights in a more sustainable way.
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