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Business strategy
Reasons your business should abide to economic regulations.
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[QUOTE="Phantasm, post: 343061, member: 94599"] There are various reasons why businesses should adhere to economic regulations. To begin with, It is a legal requirement that prevents them from being fined, penalties and prosecuted. This maintains their reputation and licensing status. Secondly, the consumer is well protected by compliance against improper practices hence enhancing trust and confidence. Thirdly, Regulations exist in order to avoid market instability by preventing monopoly and fraudulent activities thus promoting fair competition. Additionally, health safety as well as environmental conservation measures are guaranteed through regulations which contain risks. Adhering to regulations promotes investors’ faith thereby attracting capital for growth purposes. Noncompliance may impact negatively on stakeholders through damage of reputation. Further more, rules assist in international business transactions and green management processes.. In general, this abidance signifies the main motives behind necessary compliances such as: legality; consumer protection; market stability; public health; investor confidence; reputation; international trade; sustainable growth. [/QUOTE]
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Reasons your business should abide to economic regulations.
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