When starting a business, keeping up with common issues and laws to maintain compliance can be challenging. As entrepreneurs, these issues and regulations can affect your business in ways you would least expect. Here are some of the critical business issues that may affect your business or your local economy within the year.

Ransomware

Ransomware is a form of malware that locks organizations out of their files till a ransom is paid. It’s common for valuable data to be lost forever in these attacks. The best thing you can do is continuously back up your data as often as possible. This will ensure that if something like this does come up, you’re not tempted to give in to the ransom demands.

GDPR Compliance

The General Data Protection Regulation came into effect just last year. While it’s still a relatively new law within the European Union, many companies are already looking at fines for noncompliance. If you offer any goods or services from an Etsy or internet store to European Union residents, you fall within their requirements.

This regulation is primarily designed to give consumers greater control of their data when companies collect it. So if you collect any consumer data for marketing purposes, go to the EU’s official site to ensure you’re meeting their requirements.

These are some of the common issues that are cropping up for businesses. Just being aware of them will help you continue to scale your business without worry. If you need any more information on these issues, be sure to utilize your AFEUSA membership for countless articles and resources on modern business success.

Article by
Wayne Goshkarian,
Director of Communications

Wayne Goshkarian in front of his jet