If a startup faces financial penalties, the following steps can help mitigate the impact:
Immediate Payment: Pay the penalty promptly to avoid additional fines and legal actions. Legal Advice: Seek legal counsel to understand the implications and explore possible remedies. Negotiations: Negotiate with the imposing authority for a reduced penalty or an installment plan for payment. Internal Review: Conduct an internal review to identify the cause and prevent future occurrences. Communicate: Maintain transparent communication with stakeholders about the steps being taken to resolve the issue.