Ineng not only looks at regulatory compliance matters for business. Recently we’ve also looked at expectations placed on businesses to do more than simply make a profit, asking if this approach makes sense in the early stages of a company.
The recommendations on compliance include charging regulatory fees according to the size of a company and ensuring all compliance can be done at a local government level – that sphere of government most accessible and closest to the people. These two issues were the first to arise at the inaugural Entrepreneurs in Public Policy event.
The issue of additional burdens placed on business as a challenge largely arose from the EPP African summit, SYPALA, where veteran entrepreneur and Forbes cover lead Rapelang Rabana critically tackled the notion of business being required to focus on more than its core business: calls at international forums for African businesses to deliver more than their fiduciary to their customers and owners ignores the fundamental inherent good in every business.
“The growth of businesses that conduct ethical practices and serve their customers must be the sole focus. In this way they create jobs and lift more and more people out of poverty,” she argues. “This is the good that business does – and government and others who get in the way of it, no matter how well-intentioned, should carefully reconsider the effect of their added burdens on the job creators”.
Entrepreneurs in Public Policy recommendations to ease the cost of compliance:
- Customized Fees for companies are dependent on the size of the firm when it comes to licensing requirements (regulations)
- Decentralization of regulatory compliance functions to local authorities must be pursued (compliance). Local government remains closest to the people and municipalities must compete – like entrepreneurs – for the best service in facilitating regulatory compliance without red tape.
- African entrepreneurs should critically consider proposals from abroad that propose businesses perform extra activities over and beyond their core functions, particularly during their crucial phase of early growth (policy definition of business)
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