When it comes to keeping your business “correct,” then keeping up with current business regulations in order to reduce your legal and compliance risk is key. You don’t technically need to go any further than that. However, there may be changes in regulations to come and by looking at the way that discourse around the world of business is proceeding, you might be able to prepare for it. Here are some instances where a little forethought may save you a headache later.
Data safety and security
A lot of focus has been on data security and how businesses handle, use, and transmit customer data as of late. The EU already has its own rules regarding this, but there is some concern about GDPR-style regulations affecting businesses globally, as well. Aside from getting your business GDPR-ready to enable it to operate internationally without any concern, implementing those data privacy and protection practices across the business can help you get ready in time for any such regulations that are likely to affect businesses domestically as well.
Worker classification
The “gig economy” is something that has seen a lot of discussion, including a lot of going back and forth over whether it is beneficial for businesses, exploitation of workers, and so on. What is the case is that it is not sustainable in the long-run, in its current form. As such, unless the gig economy undergoes rampant change, it could be fair to say that current friction amongst the labor force is likely to keep growing and growing, until there is enough ground-level support for major changes to how worker classification is handled, and the gig economy is demolished as a result. There are already areas in which certain gig-reliant businesses, such as ride-sharing apps, are being forced to change how they handle their workers.
Sustainable practices
Sustainability is becoming a bigger focus in general. Of course, when most talk about it, they are talking about environmental sustainability. The public consciousness, and state action, are leaning more towards what they can do to reduce the impact on the environment, which is practically guaranteed to affect businesses. Following guidance on recommendations like this TCFD guide and recommendations can help your business. Not only can you make it more sustainable in general, but you can help reduce the ramp-up that might come when such recommendations become regulations.
Hygiene and social distancing
While there has already been a round of regulations and orders that have seen businesses complying with actions that would prioritize hygiene and social distancing, as a result of COVID-19, these orders have eased off in many places. However, if COVID is to become an ongoing part of life, as many suspect, then preparing your business for it in the long-term, such as making it more flexible and adjusting it to social distancing rules in general, may help it through future changes.
No individual can accurately predict how regulations are going to affect businesses in the future. However, that doesn’t mean that you can’t pay attention to the signs and be proactive in keeping your business in sync with the world at large.
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