There are two ways to obtain knowledge: study and experience. Both are valuable, but when it comes to business, there’s a lot that you can’t learn from a book or in a classroom.
We’re not knocking school. We just want to help folks in the real business world. So we’ll be posting articles with a healthy dose of plain-spoken, real world insights and tips. We hope they help.
Rules, Rules, Everywhere Rules!
Let’s face it; rules are a hassle. And when they’re imposed by federal, state or local governments, they become even more tiresome. Regulations can hinder productivity, holding up business and costing you and your business associates money. In many cases, it seems like the people who draw up all the regulations have no understanding of the business they seek to regulate. It almost seems like government agencies simply want to bury you in paperwork and make it hard to do business.
But there’s another side to regulations and regulatory compliance.
Good Fences Make Good Neighbors
Fences that accurately define the boundaries between yours and your neighbor’s properties make you both feel that your rights are protected. In turn, your relations with your neighbor are likely to be amicable and, in terms of neighbor relations, successful.
Similarly, regulations are aimed at protecting rights. In theory, if everyone has a fair shake, then the whole system will be successful. Sure, it’s debatable whether or not they are effective, fair and advisable. But it helps to understand that, unless you have a personal beef with a legislator, they’re not conspiring to take down your company or industry.
It may or may not help to realize that regulations are aimed at protecting rights, as onerous as they may be. Regardless, here’s the simple reality: Whether you agree with them or not, you have to comply with your industry’s regulations in order to do business. So you had best know and understand the regulations that apply to your business, implement an aggressive compliance system and aim to exceed the spirit of the rules.
Get Regulatory Compliance Smart, Fast
Whether you’re a small shop or a big operation, you should have a formal regulatory compliance process. You can learn more about the regulatory requirements that apply to your business from connections and professional groups on LinkedIn, as well as from government and industry sources. Here are a few resources to help get started: