64% of small businesses have a website, according to Clutch. For those who operate online, compliance with the law might not be the first thing that many entrepreneurs who wish to start a business of their own think of, though it’s a necessary aspect of running a legal and safe operation for both the company and its customers alike. From the potential consequences to why data archival plays such a major role for those who operate online, here are just a few key points worth keeping in mind. An example is when Apexmetalsigns.com started they reached out to the country to verify all compliance and make sure they were zoned correctly for manufacturing.
The importance of data archival
For businesses that operate online, proper data and record-keeping is a necessity when ensuring that you’re compliant with the law. This is especially important in case your business is ever subjected to an audit, as you’ll need to have important data on hand. However, this is often a complicated task for new business owners, especially for those that operate online and manage things like social media in addition to the typical business records. That said, working out what needs to be archived and doing so properly is essential for compliance, and can thankfully be done with software that makes the process simple while giving you peace of mind. MirrorWeb, for instance, notes that archiving all electronic communications on a reliable and cost effective platform will allow you to achieve compliance by helping you to meet data storage requirements, and will even allow you to capture things like social media content.
The consequences of noncompliance
When looking into starting a business of your own, the rules and regulations that are necessary in order to do so legally are bound to come up in your research. These regulations exist in order to protect the business, it’s employees, and it’s customers, making them necessary to comply with. For example, businesses that handle online transactions will likely have to comply with DCI-PSS, which ensures that financial information is secure in order to protect it should there be a data breach.
Due to its extreme importance, businesses that aren’t compliant with the law will face penalties, though they often vary based on the severity of the violation. For instance, potential consequences could encompass anything from financial penalties to audits or even prosecution, to name just a few. In addition to these penalties, however, a business will undoubtedly face additional consequences, such as a damaged brand reputation — something that no new business wants to experience when just starting out.
Considering starting a new business that operates online is an exciting endeavour, though is oftentimes a challenge if you’re unfamiliar with compliance laws. By getting to know important compliance regulations (such as data archival) and being aware of the gravity that noncompliance can hold, you’ll be taking a step in the right direction for business success.