Originally published June 21, 2012
Every day, Congress, state legislatures and federal and state
agencies develop new laws and regulations that impact your business
and affect your bottom line. These public policy decisions
affect your markets, business opportunities, costs of financing,
supply chains, including availability and costs of labor and raw
materials, and other operations and costs. How a business
chooses to engage in the governmental process is a major decision
that bears a moment of reflection.
For starters, any business must perform basic compliance
functions, which include monitoring, identifying and complying with
new rules and regulations. A more advanced business practice
monitors these developments as they are being designed to be able
to adapt more easily to impending changes as they become
effective. An even stronger practice proactively works to
shape and influence critical policies as they are being
developed. Finally, a more seasoned
