A recent article I read states that small businesses struggle with regulations and that it costs them $83k. The article breaks down the leading causes in a succinct list. The list includes:
- Complexity of the rules
- The cost of compliance with the rules
- Difficulty of interpreting and understanding the rules
- The volume of existing rules
- The volume of new rules
- Rules contradict each other
- Rules contradict other agencies’ rules
This is a serious issue for small business owners. Small businesses struggle in many ways when it comes to regulations. Regulatory issues eat up a lot of time and financial resources which causes small businesses to struggle. You can read the article for yourself and see what I mean.