Are You Reaping the Benefits of GDPR in Your Business Yet?

No! I’m Not Mad!

“Are You Mad?” That was the question that I got from a friend when I said that I was going to write this article.

“Don't you know the huge burden that GDPR places on a business? How on earth can you describe any of this as a business benefit?”

This is a very valid question. Can the demands that the General Data Protection Regulation (GDPR) puts on a business ever be seen as delivering real business benefits?

Though it may go against popular perceptions, I belief GDPR does deliver real business benefits and does so in multiple ways. 

Let me explain why I say this.

GDPR Makes Bad Businesses Good

As we worked through the process of making our business GDPR compliant I came to realise that gaining GDPR compliance is not just a bureaucratic exercise. When done properly, compliance actually delivers real business benefits because it enables all businesses to do what good businesses have been doing all along.

This means that, if a business complies with the requirements of GDPR it will, by default, turn itself into a better business.

Prospects and Customers

The most obvious improvements for a GDPR compliant business can be seen in those areas of the business dealing with customers. This happens for many reasons, including:

• Under GDPR, the business will now only ever ask for the minimum personal information required to provide the service or fulfil the contract with the individual. This makes individuals comfortable about providing their personal information to the business.
• When asking for this information, the compliant business explains to individuals exactly why it is needed, what it will be used for, how it will be kept confidential and secure, what rights of access they have to it, how long it will be kept for and how it will be deleted at the end of this period. This demonstrates to individuals that the business has standards, values and integrity and truly respects their personal information.

Internal Team Management

A GDPR compliant business respects not just the personal information of prospects and customers but also the personal information of the individuals in its own business teams.

Under GDPR, a business will only ever ask for the minimum of personal information required to enable the contract of employment to be effectively implemented for both parties. It will never be intrusive and ask for personally sensitive information to which it has no rights. This shows the team members that they are valued and respected by the business.

Public Reputation

An additional benefit resulting from the above improved treatment of individuals will be a huge boost to the public reputation of the business for its integrity and fairness, resulting from the individuals in question sharing about their experiences of doing business with or working for the business.

Benefits From the ‘Establishment’

Enhancing a business's reputation for integrity in the eyes of current and prospective customers will attract more business and so increase revenues.

Enhancing its reputation with the general public and producing increased revenues will also raise the confidence of financial institutions, shareholders and investors with the business.

By being GDPR compliant, a business removes exposure to possible huge financial penalties and so further enhances its reputation with financial institutions, shareholders and investors.

Take Another Look

It’s easy to get sucked into the flood of negativity that often surrounds GDPR. I know that I originally did.

However, by just pausing and adjusting my point of view, I was enable to gain a new and valuable perspective, which is that GDPR is enabling ALL businesses to do what GOOD businesses have been doing all along.

In fact, when you look at the benefits that GDPR compliance can give to a business it's hard to think of any other single initiative that will generate so many of these.

It just requires business owners and executives to make the emotional and mental shift and start capitalising on GDPR compliance.

Want to Start Reaping the Benefits of GDPR?

Click on the link below to pick up a proven, step-by-step approach that will enable you to get YOUR business GDPR compliant so you can start enjoy the business benefits and make you stand out from the crowd.

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