The Dashboard Series – Compliance
Are you legally compliant and ethically sound?
There is nothing truer in business than the notion of “what goes around comes around” and “what you put in is what you get out”.
As a business owner it makes good commercial sense, for instance, to run your business ethically. In treating your customers and suppliers fairly, you will not only be enriching your brand, but you will be complying with the principles of consumer legislation such as the Consumer Protection Act of 2008. The principles contained in this type of consumer legislation are all about transparency and remaining true to your customers. What could make more sense than looking after your customers? You could in fact take this one step further and enrich your brand further through social and community investment initiatives.
In the same vein, looking after your staff is just as important. In addition to drafting employment contracts and compiling policies regulating the work environment, you need to ensure that your hiring and firing practices are in line with legislation such as the Labour Relations Act. There is no doubt that a happy employee who is aware of what is expected of them and is rewarded accordingly is a loyal and productive employee.
Let go of the “gentlemen’s agreements” and make sure that all your business dealings are regulated in written agreements which are regularly reviewed and in line with current legislation. Don’t download off the internet to save a penny. Litigation is an expensive affair that you can avoid by investing in some written contracts that work for you and your business. It is significantly more difficult and burdensome (and often not worth the investment) to try and enforce your rights in an oral agreement.
Take advice from whence it comes and engage credible registered professional stakeholders that are monitored by regulatory bodies. Speak to specialists and budget for specialists. You wouldn’t ask your GP to operate on your knee, would you?
The law requires you to keep your documents and records on file for specified legislated periods. Ensure that your systems are in order to store and access this information and to ensure that at no stage the privacy of your customers is compromised. Again, the law here is simply good business sense.
It is simply not acceptable to plead ignorance of your obligations. You have access to a wealth of experts and information. Your reputation is your brand and there is no better way of protecting that brand than ensuring responsible compliance and organisation.
Industry insights to maximise the success of your practice!
If you’re in need of personalised and professional advice on ensuring that your business dealings are sound, get in touch Vizibiliti Management Services today.
BY ALISON MAYTHAM
“There are many different factors that determine the success of your practice – but, as a busy healthcare professional focusing on the needs of your patients, you may not always have the time to focus on the many demanding, and often complex, facets of managing your business. Vizibiliti provides you with easy access to insightful, comprehensive practice and business management solutions and advice across all stages of your business journey – from establishing, growing or closing your practice.”