Regulatory compliance is known to be a complicated, taxing, and confusing process for many businesses - especially small businesses. The U.S. Chamber recently conducted a survey on the effects complex regulations have on small businesses’ time and bottom line, and we have the highlights below:
51% of small businesses say that licensing, certification, and permit requirements make it harder to grow their business
47% of small businesses say that their business spends too much time fulfilling regulatory compliance requirements
69% of small businesses say they spend more per employee to comply with regulations than larger competitors
44% of small businesses say they have to outsource compliance tasks, causing further financial burden
89% of small business owners and decision makers report they are confident in their compliance knowledge, and if concerns arise, they turn to:
Google search - 77%
Other business owners - 67%
Consultants - 65%
Outside legal counsel - 59%
Areas of compliance that small business owners and decision makers report spending a great deal or fair amount of time on each year are:
Taxes - 73%
Recordkeeping - 73%
Payroll - 62%
Licensing, permits, and/or (re)certification - 59%
Cybersecurity, data protection, and privacy - 53%
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