This week we see two landmark acts coming into law that affect how we run our businesses. Firstly we have the New Companies Act that changes the way our businesses are regulated and registered. This we will have to wait and see how effective CIPRO becomes and are able to handle the new legislation. The two big issues here are that Close Corporations will now be called CHC Limited or Closely Held Companies. And there will be a financial rescue management plan that your business can file for or automatically fall into if your liabilities exceed your assets.

For the Consumer Protection Act or CPS, there are a number of issues to look for and watch out for but here is a list of recommendations from a local law firm for small business owners:

•  Obtain indemnities from suppliers and service providers
• Review all agreements with consumers
• Training of staff: customer-facing employees, marketing managers, sales teams, accounting, etc.
• Review all notices and warnings
• Updating strategy / policy regarding new rules on promotion
• Consider obtaining additional insurance for product liability
• Apply for industry exemption if appropriate
• Additional systems for quality assurance

Do not ignore this, it will not go away and there will be no excuse or reprieve for failing to comply. Get your act together and get prepared, if could cost you a whole bunch of money.