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Management

How Do I Check My Businesses Compliance Requirements?

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Keeping your business legal and up to code is crucial for the owner of any company. If your business is not compliant with different rules and regulations, you won’t be able to legally operate on the market. You can also run into issues with lawsuits that can cost your business thousands in damages. But how do you make sure that your business is legally compliant? Well, the first step is to make sure you know and understand the legal requirements of your company. There are quite a few to take into consideration here. There are both internal and external regulations that businesses must abide by.

Internal Company Regulations

Internal regulations cover requirements within the company such as forming a board to manage and update bylaws. To ensure that internal regulations are abided by, it is important that businesses keep accurate and up to date records of any proceedings in the company. This is the easiest way to ensure that everyone is on the same page. Business owners can use compliance kits containing internal agreements and examples of bylaws to ensure that everyone follows the set rules.

Internal regulations are designed to ensure that everything within the business is kept up to a certain code of ethics. With internal regulations in place, businesses are able to avoid issues with corruption and embezzlement. However, it is important to realize that businesses are held by government regulations as well.

External Regulations

External requirements can vary depending on the state your business is operating in. For this reason, business owners who aim to remain compliant must look up local laws and regulations. Or, hire a legal advisor. They will be able to help guarantee that your business is always compliant, even if regulations change as they often do.

Typically, external regulations can include franchise tax. A franchise tax is charged as a fee for operating, and the amount can vary based on a number of factors including the number of shares a company holds.

Beyond regulations like this, you need to understand the responsibilities you have as a business owner. Particularly, how you can be held accountable when running your workplace. For instance, you do need to protect the health and safety of your workers, as dictated by the Occupational Safety and Health Act.

OSHA

OSHA ensures that the rights of workers to operate in a safe environment are protected. It covers a broad range of responsibilities for the employer. For instance, employers must provide a work environment free of serious health hazards as recognized under the OSH Act. One example of a serious hazard would be poor air quality. If the air in the environment where employees operate is filled with dangerous pollutants, businesses are legally accountable for any injuries sustained.

OSH law is also in place to ensure that employees are using the right tools to complete certain jobs in the workplace safely. For instance, workers in the industrial industry should be provided with safety gear such as harnesses.

According to OSH law, business owners should also make sure that they are training business employees about potential hazards. They should have a plan in place to prevent potential injuries and ensure that workers are provided with all the information they need to stay safe.

These are just some of the responsibilities an employer has under OSH law. There are many more, and they are all designed to protect the rights of American workers with regards to health and safety.

If you are concerned about an issue with OSH law, it is possible to arrange a consultation. OSHA provides free on-site consultation services to all business owners. As such, you will be able to check that your business is legally compliant and go beyond what is expected of you.

Of course, in some cases ensuring you are legally compliant is about taking the right steps to protect yourself. This is the case with PCI DSS compliance.

PCI DSS

PCI DSS is another example of a legal area where your business must remain compliant with specific regulations. It stands for Payment Card Industry Data Security Standard. Essentially, this is about keeping sensitive data safe by merchants, no matter how big the business might be. To do this, there are a number of set rules that you must follow.

Many business owners find checking business compliance in this area is incredibly difficult, but it doesn’t have to be. Some of the requirements include managing security, software usage, and network development. There are 12 requirements in total, but the main aim is to show that you are abiding by PCI DSS standards.

To prove that you are compliant and check that your business is up to code in this area, you can fill in a self-assessment. The questions on this assessment will vary depending on the type of business you are operating. For instance, an online company accepting credit card purchases will be held by different regulations compared with another business that only offers direct forms of payment. There are tools available online that can help you become and remain compliant in this area for your business.

Read more about PCI DSS compliance here.

Industry Specific Compliances

You may find that compliancy laws can differ depending on the industry your business is operating in. An example of this would be businesses operating in regulatory environments. Most businesses these days are using some form of cloud-based software. The benefits of a cloud server are too expansive to explain here, however security levels can differ. Businesses operating in regulatory environments may find that the server they are using does not provide the level of security to ensure their company is legally compliant. This is why businesses must always check specific industry legal requirements and ensure they are keeping their company up to code.

To close, there are a number of business compliance requirements that companies must abide by. Some are tied to certain circumstances such as hiring your first members of staff. Others will be industry specific, and many more are universal for any business. While there are tools online and plenty of resources for information on legal requirements, the best way to stay up to code is to consult a lawyer. You should also be checking for changes regularly. Regulations and legal requirements are constantly altered so you must stay up to date.

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Finance

5 Ways Your Business Can Slash Expenses Now

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When you feel the time has come to slash business expenses to reduce overheads, then there are plenty of different approaches to achieve this goal. Needless to say, when there’s been too little attention on spending less up until now, they’ll be greater opportunities for savings. However, don’t despair – there are always a few ways to make it happen.

Here are five ways that your business can save money.

1. Purchase Recycled Office Furniture

Whether you’re wanting to replace tired desks or chairs that are now proving unstable or a new office is being equipped, it’s necessary to set the office up with what the staff needs.

While companies often only look at buying new furnishings, there is another option, and that’s used office furniture, including workstations, chairs, desks, tables. Near new workstations, for example, are a good purchase for startups with a limited budget. With more than half of all new businesses going to the wall every year, many of these companies sell off their office equipment and chattels making it a far more affordable option for businesses keen to improve their carbon footprint. Used office furniture from reputable suppliers is high-quality and often comes with a warranty.

2. Optimise the Marketing Plan

Instead of marketing across many different channels and seeing varying results with each one, try narrowing the marketing strategy down. Examine the results to determine which channels and marketing campaigns have delivered the most customers at the lowest customer acquisition cost. In case that’s unclear, the customer acquisition cost is based on the average amount that it was necessary to spend to secure one new customer.

Once you know this information, it’s possible to tweak advertising plans to only spend on the most profitable campaigns from a customer acquisition standpoint. This optimises the current marketing approach to reduce the total marketing spend while delivering the same results.

3. Reduce Recruitment Costs

Look for ideas that will cut down on recruitment costs.
For instance, ask existing outperforming staff for a recommendation of a friend or colleague who might be interested in joining the company. Also, see if there’s anyone that you’ve been impressed with who could be invited to come on board.

When you’re using recruitment consultants, get the best deal in terms of what they charge. Check around on different job boards for the industry and other alternatives. See if you can do some of the recruitment work in-house to avoid the often-extortionate recruitment fees by putting in a bit of legwork.

4. Improve Systems and Limit Staff Meetings

Most workers aren’t that productive. Repeatedly, research has shown that office workers tend to grind for half the day and lose the other half to inefficient processes and procedures, overly long meetings, excessive breaktimes, gossiping, using social media and the internet, and more.

Breakdown each role so that there are systems and processes to follow. Remove all redundant steps to cut out the time-wasting elements. Also, have the staff members suggest better ways to get their work done, which often results in time savings there too. With meetings, go in with a plan, stick to it, set a time limit on the meeting, and get everyone back to work right after.

5. Be Greener

Use green technologies and ideas to save money on energy expenses.
Look at everything from energy-efficient light bulbs, dropping PCs down from performance modes to lower energy ones, and turn off what’s not being used all the time. Ask the staff for their suggestions on other ways that the company can be greener – employees often have amazing ideas in this area that can be implemented quickly.
There are a good many ways to save money as a business. Thankfully, it doesn’t mean it’s necessary to operate like a Scrooge either.

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Management

How Agile Training Can Improve Project Performance

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Project management is a complex practice that requires the many stages of planning, execution, monitoring, and others. Usually, you work with a planned set of activities that are completed in a rigid sequence, with little to no room for changes. The ultimate goal is to achieve a particular result within a specific time while considering constraints.

Over the years, the agile methodology has become more popularly used in organizations. The approach has proven to be effective in improving project performance and responding to market dynamics compared to traditional forms of project management. However, given the differences between agile and traditional styles, agile training is crucial to making the shift in management practice.

Agile is About Increment and Iteration

Agile is essentially a mindset or framework that you can adopt in your organization’s projects. It is about breaking down work into smaller and more manageable pieces called user stories that are delivered in repeated cycles called iterations.

The rationale of the approach is to have shorter cycles so that you can continuously respond to changes and adapt to them rather than trying to deliver everything in one go at the end.

As its name implies, agile refers to being able to move quickly, especially in today’s volatile market. With such an approach, you can measure performance at the end of each cycle, so you immediately know how consumers respond. Although agile was initially targeted at software development, it has, over time, emerged as a global strategy that can be used in any organization.

Benefits of Agile Methodology

Nowadays, managers are embracing the agile methodology because the short iterations help lower risk and take action at the early stages. With an agile approach, you can expect to get a higher product quality since you are frequently testing it during the development stage. Since agile is flexible, you can make adjustments and developments incrementally to improve your product.

The agile method can also help you increase customer satisfaction since you can respond to dynamic and changing needs in the market. Likewise, being able to deliver products to the market quicker will merit positive reception from the consumers. Another benefit of adopting the agile approach is that the fast iterations will help you generate quicker returns on investment (ROI).

Agile Training is Critical

To successfully adopt the agile methodology, getting agile training is crucial. In the agile approach, collaboration among team members is critical, so ensuring that each member is well-versed with the strategy will help maximize its benefits. You have to train your team to be consumer-focused so that you are always addressing needs.

There are many agile training frameworks existing today, with one of the most popular ones being Scrum. The Scrum team typically consists of a Scrum Master, Product Owner, and developers.

The Scrum Master leads the team and ensures that the development team is effectively fulfilling its goals. The Product Owner then makes decisions for the projects, which include writing the user stories. Finally, the developers create the software and conduct continuous testing throughout cycles.

With the popularity of the agile approach today, you will find several training courses available to get you started. Courses typically tackle different project life cycle frameworks, essential agile values and principles, and the roles of each team member. Once you complete your training, you will become a certified practitioner, something that will surely give you an edge in the workplace.

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Management

Top 9 Best Tips for Distributed Teams Management

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Managing remote teams is a challenge for any business, however, it’s a strategy used more often now as skills improve in nations where the cost of living is less. Companies are always seeking ways to gain more market share. What can inhibit growth is the expense of staff so hiring workers that can work remotely from the company’s main operating centers, is a strategy that’s work the effort.

Do you remember when working from home a day or two a week first came in? Initially, there were trust issues, i.e. are workers productive when they work from home? The challenge with allowing staff to ‘hot desk’ and work remotely was how the company could track their productivity.

When staff are in the office, they are visible, however, when they’re working from home before ‘monitoring apps’ they are not visible. Now monitoring is possible the challenge that remains is how to coordinate projects with team members located in different countries, with varying time zones.

In this article, there are a few tips on how to work with distributed teams to deliver what customers require, but for less outlay.

1. Live Meeting

For long-term projects with a fairly young team, try to organize an initial live meeting. Even with today’s technology, there is no better way to build a strong team than spending a few days together. And although at first, it may seem overly expensive, for high-priority projects this will be an investment that will have a high return in the long run.

2. Organize the Workflow

As a team leader or project manager, pay particular attention to the direct organization of team meetings and project management. The topics discussed, role distribution, project plans and documentation are of particular importance when managing a distributed team. It should be noted that for a one-hour telephone conference, it is still necessary to spend several hours on administrative preparation.

3. Time Difference

If you are in the United States, do not expect your project colleagues who are working remotely from another part of the globe to have a conference with you. Unfortunately, there’s not always a perfect time in the international team that would be convenient for everyone. Therefore, you will have to adapt to each other in turn. Again, due to the time difference, you might want to try to ensure that your calls are not longer than one hour.

4. Don’t Forget About Team Building

Spend a lot of time “offline” with individual team members. Make face-to-face meetings with each team member for training, feedback, motivation and building relationships.

5. Stay Connected

Take some formal and informal teamwork after your initial meeting. Acquaintance with someone as a person, and not just as a resource, allows you to build relationships based on trust, cooperation, and loyalty. Thus, it wouldn’t hurt to connect on social media, etc.

6. Cultural Differences

Learn another culture – learn a few phrases, at least how to say and write “hello” and “thank you”. You do not have to fluently speak a foreign language, your colleagues and partners will appreciate the respect you have shown. But it’s worth being careful, some project managers sometimes overdo it and then lose credibility in the eyes of their project teammates.

7. Use Technology, But Use Appropriately

Web conferencing, chats, blogs and video conferencing can be useful and can be used by you to achieve your plan. The only thing is, do not get carried away with these tools, use them appropriately.

8. Use Classic English

Although English is an international language, avoid local dialects, metaphors and anything else that can be confusing. This can be difficult right away – ask your teammates for advice.

9. Provide Information in Advance

Team members in another country may want to translate the material to you send or at least have time to read it in advance. It is very difficult to read and understand non-trivial information in a non-native language.

Summary

Technology has made it possible for people to choose where they want to live yet find fulfilling work and careers.

Companies have invested in their staff with diversified teams and business models that keep costs down yet deliver value to clients and stakeholders.

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