Small and medium-sized enterprises, or SMEs, play a significant role in the global economic landscape, serving as pivotal contributors that create jobs and drive economic growth while facing a complex and ever-changing regulatory environment.
Compliance with laws and regulations is essential to the success of any business, but for SMEs, it can be particularly challenging due to limited resources and expertise. In this article, we look at some strategies that SMEs can use to deal with regulatory compliance in Australia.
- Be clear on your regulatory obligations: Understanding the regulatory landscape is the first step in dealing with regulatory compliance. SMEs must be aware of the laws and regulations that apply to their industry and business operations. This can involve seeking professional advice, conducting research and consulting with industry associations.
- Develop a compliance checklist: Developing a compliance checklist that outlines your business’s obligations for meeting regulatory requirements from ASIC, ATO, employment law and specific industry requirements can assist you in meeting requirements. The checklist should include all obligations, allocate responsibility and timing for each step.
- Keep up to date with regulatory changes: SMEs need to stay up to date with any changes that may affect their business. They can do this by subscribing to regulatory alerts, attending industry conferences and networking with other SMEs in the industry.
- Seek professional advice: Seeking professional advice might help SMEs ensure they are meeting regulatory requirements. This can be done by consulting with lawyers, accountants or regulatory experts who can guide them on compliance issues.
- Train employees: SMEs need to provide training and education to employees on compliance issues to ensure they keep up to date with current requirements. They can achieve this by conducting regular training sessions, providing resources and guidelines and promoting a culture of compliance within the organisation.
- Consider having an audit of compliance: SMEs may consider having an audit or review to ensure they are meeting regulatory requirements. This can be done by reviewing policies and procedures, monitoring compliance and identifying areas for improvement.
- Embrace technology: Technology can be a powerful tool for managing regulatory compliance. SMEs can use software and automation tools to monitor compliance, track changes in regulations, and ensure that employees are following policies and procedures.
Dealing with regulatory compliance is a significant challenge for SMEs in Australia. However, you can ensure your small and medium enterprise stays on top of things by following these strategies.
You can read more about the issues SMEs face in our article here.
For help with strategic business planning or addressing any of the challenges for SMEs we’ve explored above, contact your local William Buck Business Advisor in Australia or New Zealand.
