It's incredibly difficult to find the balance between being too gung ho about regulations (with risks starting at inconvenience and ending in prison), or over egging things, with a bigger risk of business failure. Hovering around are lots of professional advisers with fees to match - that's the accountants, lawyers and consultants. Unfortunately it's hard for them to be entirely impartial as their business is about charging fees.
Here are my top tips for getting this balance right.
When you're starting off, anything that isn't directly related to making sales or pushing the business forward is an irritant. But completely neglecting other issues can cause huge frustration when you are forced to comply; it can also substantially reduce the value of your business or may even cause its demise.
It's different if you are well capitalised and have had previous business success. But if this is your first start up, then these tips are well worth a thought.
By Chris Barling, CEO, Sellerdeck. Originally published on The Start Up Donut blog