Regulation might not have killed businesses, but deregulation might.
According to a survey from The Workforce Institute at Kronos, the constant changes to and elimination of regulations by the Trump administration are wreaking havoc on businesses, particularly small businesses. The reasons? Cost and time to comply.
A report from Nav points out that more than half of business owners surveyed say they're spending between $40,000 and $100,000 just to prepare for new business regulations — and those costs can take a tidy bite out of profits. And among the businesses that track those costs — not all businesses do — these additional expenses include such activities as hiring legal consultation and the creation of new HR and workplace policy, training and education.
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