Managing Regulatory Changes that Affect your Store
In a time when seemingly everything is being regulated or taxed by the government, it can add a layer of complexity to your business. Not only do you have to be informed, but you have to stay diligent to make sure you’re compliant with everything that’s required. Complying with regulations doesn’t necessarily churn out the profits so it’s easy to see why it would fall to the bottom of the to do list. However, keeping it there is a big mistake. Monitoring the legislative landscape is just as important as having the latest snack on your shelf or the hottest beverage in your cooler. Here are a few tips to make managing the regulatory side of your business a little easier.
Stay on Top of It – If you’ve ever had a bout of procrastination and had to cram for a test at the last minute, pay attention to this one. Unless you want to start a new career in law, reading pages of legalese can be daunting and extremely time consuming. Rather than the “cramming” approach, dive into regulatory updates on a daily basis. The easiest way to do this is to subscribe to a daily e-newsletter about the industry and skim the headlines for anything that could pertain to you. Reading a few snippets should only take 5-10 minutes of your day and you’ll be up to speed without having to tackle it all in one go.
Tap into Additional Resources – We have two words for you: Industry Associations. We can’t stress how useful these are. If you’re already a part of one, great! If not, join! Put those dues to good use and glean all the information you can from the association. They’re not on your payroll but consider them as valuable as an employee for they can help fill the gaps on all the things you don’t have time to handle. With many associations out there, do your homework and make sure you’re choosing the one that fits your business best.
Don’t Believe Everything you Read – Listen, we’re not claiming “fake news” here, but regulatory issues are often complex with a lot of moving parts behind the scenes. Sometimes the information you read online or hear in a news piece are boiled-down versions of the full story. Make sure you understand the bigger picture and the overall climate before you solely depend on the reports or opinion of others.
Stick to your Plan but be Adaptable – Once you have a clear path to achieving and maintaining your regulatory compliance, make sure you stick to your plan. Just like with anything else, consistency is key but ensure there’s a little room for flexibility in there too. With things constantly changing, you should position yourself to be agile and making changes on the fly if need be.
Implementing these few easy tips could make all the difference in managing your business and helping it thrive in the midst of the drops and loops of the regulatory roller coaster.
