How Do Standards and Regulations Impact Businesses?
The impact of standards and regulations on businesses can be significant:
- Compliance Costs: Businesses may incur costs to comply with regulations, such as investing in new technologies or processes. - Market Access: Compliance with international standards can open up new markets for businesses. - Reputation: Adhering to high standards can enhance a business's reputation and customer trust. - Legal Risks: Non-compliance can result in legal penalties, fines, and damage to a business's reputation.