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Organizations today are subject to an increasing number of regulations that entail compliance. From Sarbanes-Oxley to the Health Insurance Portability Accountability Act (HIPAA), companies are required to adhere to a multitude of standards and regulations. In addition to various national and international regulations, there are many more rules that stem either from regional or local governments or industry oversight committees. The end result is that new and tenured businesses must juggle multiple sets of regulations on local and international levels while maintaining industry-specific regulations. This means that your business proposal must show that the business has done the research, knows the regulations, and how to follow them. Failure to follow regulations can result in fines. A simple one or two paragraph addition to your business plan that examplifies how you will meet regulatory standards can go a long way in establishing that your business is greater than a fly-by-night operation. Show that you have done your research.
|Sheri Ann Richerson|