Small business owners struggle to comply with regulations and paperwork, spending valuable hours that could be used instead to grow their business.
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Small business owners struggle to comply with regulations and paperwork, spending valuable hours that could be used instead to grow their business.
It is more difficult for a small company to cope with the bureaucratic requirements than a large firm. The small business owner often handles finances, sales, human resources, compliance and even fills in for employees. As you might guess, there is rarely a compliance officer on staff.
Gov. Ned Lamont recently announced an initiative to cut red tape for companies that want to do business with the state. The governor hopes to reduce the need for 90,000 forms submitted annually. He will align the definition of a small business with the federal government’s version to reduce confusion or the need for additional forms. Applications will soon be able to be completed online, and duplication eliminated.
As the head of the National Federation of Independent Business in Connecticut, a small business association with thousands of members in the state, I can confirm that this initiative will be helpful, and we applaud Gov. Lamont.
It will let more of our members participate in the bidding process and make it easier for them to compete for state contracts. In an NFIB poll of small employers, the single greatest regulatory problem cited was the cost of compliance, and the second was difficulty understanding what had to be done to comply. Cutting red tape will certainly help.
The governor asks that business owners make suggestions to cut bureaucracy by emailing cutredtapeCT@CT.gov or use the social media hashtag #CutRedTapeCT. Or, you may call NFIB at 860-248-NFIB, and we will pass on your suggestions.
Andrew Markowski is state director of NFIB, an association representing small businesses in the state.
