Several years ago, I asked an associate what kept him up at night as a businessperson. He replied that it was not his competition or securing and retaining good staff, nor even the rising costs of doing business, but rather increasing and complex government regulations, where a simple misunderstanding or lack of awareness could lead to his demise.
He feared that a state agency would someday come in and cite him for violating a new law or regulation that he had not heard of, with penalties and fines that could force him to close his business.
“I am probably violating some rule or law daily and don’t even know it,” he told me.
This small business owner is not unique. Many others fear for the welfare of their businesses and the livelihood of their employees if those businesses close due to failure to comply with a specific rule. The state challenges every small businessperson to be aware of all of the regulatory and legal changes made…