The first two months of 2014 brought 72 new proposed U.S. regulations that directly affected small businesses, 12 of which cost $100 in increasing compliance costs according to
“Often, these agencies give little or no consideration to cost on businesses or jobs that might be lost. American businesses are increasingly feeling suffocated by the volume, scope and cost of all of these new regulations,” said
As increased government regulations seems a fact of life that shows no sign of stopping, small business are face increasing compliance costs that make it difficult to compete with larger, more established enterprises. In order to stay competitive in this constrained environment SMBs have more reason than ever to look toward business management software and automated processes to keep up with ever changing regulations.
The upshot is that technology like enterprise resource planning that had been priced out of the SMB market just a few years ago is available to even the smallest of businesses thanks to cloud computing. Of course the idea of storing valuable data and conducting mission critical processes over the web seems counter to regulatory compliance best practices, however this is a misconception.
For heavily regulated industries and publicly traded organizations that face daily compliance hurdles, solutions like Microsoft Dynamics™ can help streamline compliance with automated processes and internal controls like access level restrictions and full and detailed audit trails. What’s more, a hosted Dynamics system from
Below are some more of the regulatory and compliance statistics from the Small Businesses for Sensible Regulations coalition:
- 21% of small business owners cite regulations as their single most important problem.
- 90% of small business owners support reforming the regulatory process.
- 74% of small business owners believe that businesses and consumers are over-regulated.
- 72% of small businesses reported that regulations were hurting their “operating environment”.
- 67% of small businesses do not have plans to hire in the next six months due to poor business conditions.
- 62% of small business owners and manufacturers say that the United States' own laws, regulations, rules, taxes and fees impact their business more negatively than foreign competitors.
- 55% of small business owners say they would not start a business today given what they know now and in the current regulatory environment
- 54% of small business owners say countries like China and India are more supportive of their small businesses and manufacturers than the United States.