SMEs are recognized as agents of industrial change, innovation, and a critical employment creation avenue. The government has created special support apparatus like tax and regulatory measures with the aim of improving the economic environment for smaller businesses.
Multiple taxation and unfriendly regulations are some challenges that SMEs encounter. Sometimes, businesses find that they must pay taxes to the Federal, State, and Local Governments. This can take its toll on a small business.
- As a small business owner, it is advisable to have all your document filed and in order. If you need a permit, license, or a particular certificate, it is important to get it to avoid fines or charges from the relevant authorities.
- Familiarise yourself with the state laws of where you operate your business. There are different laws and agencies in charge of each industry. For example, each state has its own signage law for adverts.
- Where possible, utilise the expertise of others. This can include fellow business owners with more experience with laws and regulations in your state or your industry.
- Pay close attention to new policies being introduced at the Federal and State level and what impact they may have on your business. It is important to adapt swiftly to these changes to remain on the right side of the law while running a successful business.