Compliance inflation is crushing small businesses

In 2023, the U.S. hit a record for new business formations; however, compliance inflation is a pressing issue hindering entrepreneurial growth.

Small businesses face overwhelming compliance requirements, spending an average of 200 hours and $11,700 per employee annually just to stay compliant.

Compliance inflation represents one of the most urgent economic issues today, as policymakers need to streamline regulations and adopt new technologies for compliance.

Policymakers should commit to reviewing outdated requirements and utilizing technology to ease the compliance burden on small businesses, fostering innovation.

Read at Fast Company