4) Ignorance of Regulations
In a rapidly-morphing business environment where government mandated rules and regulations are growing more and more prominent and increasingly strict, not being able to effectively navigate the regulation landscape can smother a small business like a flame under a glass. Between energy policies, environmental policies, healthcare policies and tax regulations, there’s a lot for a small business owner to digest these days. Understanding the new Affordable Care Act alone can be akin to obtaining a degree a law, and unless you are able to have a highly-educated understanding of all the regulations, you won’t be able to best assess your options in dealing with them. Making decisions that are uniformed in light of the existing government policies is one of the quickest ways to terminate your small business. One of the best ways to deal with this goes back to our second tip: consider hiring a legal consultant help to shine a light on the regulations and guide you in making the best decisions regarding them.
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