It's one of those words that usually elicits a physical response the moment you hear it. And most of the time that response is a sudden feeling of heaviness weighing you down.  Why is that?  Because compliance is a word that usually means that we have to do something we should be doing but probably, in most cases, aren't.

In fact, it's a lot like exercise.  We know we should be doing it.  We know we will feel better if we do it regularly.  We even know we are likely to live longer and have more productive, fulfilling and successful lives as a result.  But the fact of the matter is, exercising is one of those things we often make excuses for not doing until something tragic happens and we get the proverbial wake up call.

Our businesses are no different.  There are certain, specific actions that we MUST comply with in our businesses that will ensure we are fulfilling our obligation and responsibility as business owners and entrepreneurs.  This will allow us to be more productive, fulfilled and SUCCESSFUL over the life of our healthy careers.   

Because compliance is not a hot topic, it's not surprising to say that I work with entrepreneurs and business owners who have no idea what it means to be compliant in their businesses.  In fact, some of them haven't even filed the necessary paperwork to even BE a business according to the local laws where they live let alone knowing FTC and compliance regulations  Most of them simply hang up their "We're Open" sign and get to work.  It is typically a matter of "I don't know what I don't know" and so that's where I usually come in and then point them in the right direction.

But, unfortunately, sometimes this starting place is exactly where most businesses stop.  They know they are official and they file their taxes every year, but often that's all. Meanwhile, every day they are blindly taking chances that could ultimately cause them an extraordinary range of problems from additional stress to financial ruin.  And the really sad thing about this is that compliance is really not the monster everyone thinks, but rather a simple set of guidelines that allows us to sleep soundly with the peace that we are doing everything we can to PROTECT our interests so we can continue to do what we love to do!

Now, compliance can vary from one business to another so I'm going to share SEVEN SIMPLE STEPS with you that can be applied to every business.

1. Complete the required paperwork to establish that your business exists.  This includes name registration, excise tax registration (State of Hawaii), Business licenses (check your State's requirements), Articles of incorporation, etc.
2. Make sure you have appropriate liability insurance coverage for the protection of your interests and those of your clients.
3. Have clear disclaimers on any written documents that you post on the internet or distribute to your clients, especially when you make claims of success that your clients may have had.
4. Follow the compliance regulations for sending email and electronic newsletters and be aware of anti-spam laws and how they can affect you.  
5. If you offer any kind of counseling or consulting services, have your clients sign waivers to protect your business against legal action.  Or if you sell products that can be re-sold in any way, such as photography, use a watermark and/or waiver form to prevent any abuse of your services.
6. Protect the privacy of your clients such as their personal and financial information.
7. Hire an accountant to make sure your financial interests are compliant with state and federal regulations.

Your Action Plan for the Week:

1. Do your due diligence and find out what the compliance regulations are in your industry.
2. Revisit your marketing and make sure you are following FTC rules and regulations.
3. Go through steps 1-7 above and ensure that you are protecting your business.

Once you have everything in place you'll see the value of taking these steps.  Just like my morning run, which is no longer a chore for me but a joy that keeps my health in check, compliance in my business allows me to stay focused on what's really important-peace of mind and a good night's sleep!  Need help with any of the above?  Call me! That's why I'm here. 

Cheering for your success!
    
Angelina


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