Our latest series of business definitions will explore “non-compliance.” According to the unabridged edition of the Collins English Dictionary, the definition of non-compliance (nɒnkəmˈplaɪəns ) is a “failure to comply; refusal to yield, agree, etc.”
Many of the examples of non-compliance in United States dictionaries surround healthcare, specifically regarding patient compliance. For instance, one example may be a patient who refuses to take prescribed medication. However, medical non-compliance is not the only version of non-compliance.
Today, we’re going to jump in a little further than your average dictionary or thesaurus. Obviously, as business professionals, we are far less worried about the medical definition of noncompliance and much more concerned about how it relates to the business world.
Today’s business owners have a wide array of concerns, the most primary concern is turning a profit and remaining successful. However, financial success is of little consequence if a government entity dissolves your company because you did not meet the legal requirements.
We’ll discuss what non-compliance is and how it impacts small business owners. We’ll touch on “the bad,” outlining the consequences of non-compliance and what could happen if you don’t follow official rules for your industry. We’ll provide some business-specific examples and cases of non-compliance to clarify the issue further. And finally, we’ll give you some tips for avoiding non-compliance.