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It doesn’t matter how well planned, well financed and well run your business is. If you don’t keep track of developments in politics & government, in the areas that affect your business, you could fail. It doesn’t matter how big or small a business might be. Any and every business can be affected by regulations and laws. Some of these regulations are passed without public notice. It pays to stay in tune with regulatory groups.
Exactly who will track developments in the world of regulations depends on the size of your organization. Bigger companies like direct.tv and the like will have entire legal departments to track and lobby for favorable decisions. Smaller firms, like a start-up, may depend on the owner or manager to be this important point of contact. Whomever is in charge of this important function should make the effort to participate in all public meetings and hearings where potential regulations are discussed. This could be local city council or even school board meetings. There is much more information that can be gathered at a meeting like this than can be read in tomorrow’s newspaper. Attending meetings brings another important benefit: networking.
By meeting other attendees and participants at local meetings, decision makers get to know you. This can be vital when you need to voice your opinion on behalf of your organization. Let’s say that the council is ready to vote on a regulation that could cut your company’s profits by 20%. Do you think that the councilman or mayor would rather take a call from a stranger or someone like you, that they know by name. Attending meetings and becoming part of the community where you do business can lead to more involvement in forming policies before they are sent for a vote. This kind of access can be priceless.
Being involved in politics & government can require a lot of time. The benefits of being involved before problems arise can be much more valuable.
