As a business owner, you’re likely facing new and challenging compliance constraints in the time of COVID-19. The simple ways you’ve interacted with your customers and staff are no longer possible--in fact, doing things the old way may get you into trouble with regulators. It’s vitally important for you to be knowledgeable and up-to-date when it comes to compliance requirements. These changing expectations can create stress, but here are some ways you can manage today’s requirements while anticipating and influencing what comes next.
Rapidly modify business operations
When state and federal regulators change their requirements, move as quickly as you can to be in compliance. Implement necessary changes as new pandemic safety protocols or suggestions are delivered to you. Even better, anticipate changes that may be ahead and think through various plans of action.
Any time you’re retooling operations, consider how you can simultaneously adapt to changing customer preferences and needs. When people feel safe patronizing your business, you can continue to generate revenue. And when customers feel unsafe interacting with you, they'll stop and your revenue will fall off.
Discover and apply for loan and grant opportunities
Fortunately, there are loan and grant opportunities available to help you stay in compliance so you can remain operational and profitable. Don’t sit on these applications, submit yours as soon as possible. In our effort to support local restaurants through the Saint Paul Restaurant Resiliency Project, we assembled a list of applicable grants. Check it out, you may qualify for some of them!
Be a proactive reporter
You're not the only one having a hard time with compliance, but you can stand out by voluntarily reporting operational protocol compliance on a quarterly basis. Include city, county, and state regulators, who are also under a lot of pressure due to these changes. Consider these regulators your partners during the pandemic and communicate in a way that builds trust.
Prioritize government stakeholders
Developing relationships with government stakeholders is one way to make your voice heard. With your on-the-ground insights, they’ll be equipped to create realistic and practical guidance that can benefit customers and businesses alike.
Tending to compliance and regulatory issues can be time-consuming and complex work, especially if you don’t have a process to manage all the moving pieces. The NCXT team can support your efforts here. Just schedule a virtual coffee, tell us a bit about your organization and challenges, and we’ll create a plan to take compliance management off your list of things to worry about.