Here’s what 2019 holds in store for business compliance
Gone are the days when compliance was the responsibility of siloed departments. In today’s intense regulatory climate, it’s critical to have your whole team committed to a compliance strategy. Mr. K P Timmal, the CEO of Timmal Holdings is a man of many traits who holds compliance as a mandatory priority in his life. When asked about the experiences he encountered throughout his 20 years in the field he stated that compliance like anything has transformed, although even with this evolution there is still no human interaction and empathy in the compliance business.
If you’re going to run a small business, you need to know what everyone is doing, be the first one in and the last one out. Mr. Timmal believes that every company has the potential to grow and achieve greatness though many have the fear of additional expense. When your turn over is higher, your expenses increase, this means that your business is booming and it’s time to set higher goals. Businesses need to remember that with every step taken up the ladder to success there are still laws and regulations that follow and need to be abided by.
Are you a law abiding company?
The Department of Labour strives for a labour market which is conducive to investment, economic growth, employment creation and decent work using any means necessary to achieve their vision. They are not empathetic towards non-compliant companies and fines are issued even if you are unaware that you are not following protocol. When you do not adhere to the law, this creates a negative brand image to the public and in turn results in the decrease of trust your audience has towards your business. Which is why it is always a good idea to comprehend the laws and regulations in the country before going into business and continue creating awareness around it.
Without your employees the business is stagnant. When a company works together with their staff this results in an increase in profit to the business. Empowering your employees result in a positive work ethic that creates a constructive work environment. Your employees need to have a basic understanding of the acts in order to adhere to them, a skills development course is advised in order to boost your employee’s knowledge and increase their performance. At Eskilz College we offer a variety of developmental courses that have proven beneficial to employees and employers.
Management should also look into attending courses to create a better understanding of the protocols that need to be adhered to. The Law of Delict is ideally where to start when facing an internal issue. Your employees are human too and mistakes can be made, the concern is with the situation and not the individual. Mr. Timmals advice in this regard is: “Never take anything in business or life personally.”
Opportunities don’t just happen. You create them.
Mr. Timmals focal points of an effective compliance program are as follows:
- Formulate the concept
- Assign Accountability
- Leverage the Team
- Constantly monitor the program
- Regular feedback and updates are vital to the success of the program
- Evaluate Improvement Opportunities.
At Timmal Holdings, it has been proven that weekly team meetings are more effective than monthly meetings and lead to a motivated and inspired team whose productivity has increased since the implementation of weekly meetings.
We need people who push boundaries rather than retreat inside them.
When you stay stagnant you are not bringing in the big bucks! Mr. Timmal advises every company to measure where they are and where they want to be, whilst keeping in mind that with growth comes an increase in compliance policies. Remember that with a high turnover comes high tax, this means that you are on the path to success. Don’t be afraid to give up the good to go for the great. Tax is a good problem!
Here are a few things to keep in mind while building your company:
- Follow regulations throughout your growth and acknowledge where compliance applies to your company.
- Plan ahead – This means keeping track of where you are and charting where you want to be then achieving these goals.
- Keep reevaluating and innovating your strategy.
Trees grow from seed that are exposed to the adequate nutrients, this also applies to businesses. When you start from the origin you can develop a stable foundation to grow from. The right strategy is your starting point. This includes your demographics; race, gender, age, and so forth.
You’re never too old to learn something new. We are a technologically advanced modern society and the second you take your eye off the ball is when you start to fall behind. Mr. Timmal is a prime example of a man that has a passion for knowledge and innovations. When the world evolves he evolves with it. Out with the old and in with the new, online is the way to go. ODOO is an efficient CRM online system used at Timmal Holdings to capture data and manage customer relationships. This system is convenient to keep in touch with employees and track their work. Helping you make smart decisions every day. ODOO can be used by companies of all sizes, offering a clear and integrated view of your business.
Is your business ready for compliance in 2019?
Such as anything globally, compliance is continuously evolving, and we need to keep up with it to stay on top. Everything we do today is not just for our own benefit but also for the security of future generations. We need to preserve and protect our country for those that look up to us. It is time for South Africa to develop our own compliance policies and stop following behind others. Followers just conform without understanding, leaders understand and set standards. All progress takes place outside the comfort zone. We are a diverse rainbow nation that has fought hard to get where we are, and we shouldn’t let those fighting screams be for nothing.
A parting message from Mr. Timmal: “Business owners need to take the bull by the horn and take charge of their compliance issues. Be on top of it- never stop monitoring and innovating your strategies.” Remember that the ones who believe they can change the world, are the ones that do.