Why Business and Law Go Hand in Hand
Businesses are the driving factors of everything. Without them, employees would not have work to go to, students would not have teachers to learn from, and many other things that individuals rely on businesses for would no longer exist. Because businesses are so reliant on each other, it is essential that they know what is happening in their field at all times. With new laws being passed regularly throughout countries around the world, keeping up with the law can be difficult for some business owners – however, neglecting to do so can ruin a business pretty quickly.
Businesses need to know when they are breaking the law – if it is proven that a business has broken a law, they can be fined heavily or forced to shut down until the issue is resolved. What happens in the business community also affects everyone else in some way or another. If businesses are allowed to break laws and get away with it, then other people might believe that breaking the law will not lead to consequences and follow their example. This could cause more society-wide issues than just bad business for one company.
On top of these reasons, there is usually an individual who gets blamed when something goes wrong at a company – especially if it puts the public’s safety at risk. The CEO or president of a company should always be aware of what is happening within their business, no matter how big the company is.
When people are looking for jobs, they often look towards companies that have a good standing in the community. Businesses with morals typically last longer than businesses that cut corners just to increase profits. Employees who work for moral companies are more likely to feel fulfilled at their job and stay for longer periods of time – this can lead to employees being more productive members of staff, which will only help the company grow further. A virtuous cycle affecting all levels of society can be created when individuals know they are receiving fair pay for doing honest work at an honest company.
Recently, there was a case in Australia that has opened up discussion about how small businesses should keep up with changes in Australian Consumer Law (ACL). The question was raised after a small business owner was fined for not having a price tag on his products.
For many small businesses, staying up to date with changes in consumer law can be difficult and may appear unnecessary, due to the fact that only larger companies are usually targeted when new laws are set in place. However, ignoring these changes in the law can damage a business at a much quicker rate than one would expect. As mentioned earlier, neglecting to keep up with the law could result in a hefty fine – which is exactly what happened with this recent case. Australian Competition and Consumer Commission (ACCC) took legal action against the small business owner after it failed to provide any prices on its goods at all during trade or sale.
Competition and consumer law experts commented on the case, saying that it is essential for all business owners to keep up with changes in the law. It is important for smaller businesses to not only understand what the current laws are but also how they affect their business – big or small.
This story highlights one of many reasons why keeping up with changes in the law should be a priority for all businesses around the world. By doing so, businesses do not run the risk of being prosecuted by the government and may even avoid hefty fines such as those imposed in this case.