It is a fact that business takes risks, but one risk you cannot afford to lose to is that of legal ones. Who wants to lose tons of money to lawyers and complainants? It is where keeping up with regulations becomes a priority in business management.
There are simple ways to do so, though. The following are manageable ways to be updated with business-related regulations:
Monitor regulatory agency websites
The easiest way to keep up with the regulation changes is to get in touch directly with the source, not through a regular visit to their offices but through viewing their websites.
In this era of digital technology, there is no way that regulation boards do not have online sites that can be visited with a couple of clicks. It saves clients time, energy, and effort to simply surf the internet and get updated with the ever-changing business regulations.
Follow regulatory agencies on social media
If you dislike perusing the internet and want to stick to the usual social media sites like Facebook and Twitter, then you’re lucky if regulatory agencies maintain such accounts. It’s rare that they don’t though since social media sites reach more netizens than websites do.
Social media pages also have their way of keeping clients posted through notifications. Only, you must frequently visit the social media page as feeds do not stay on top once other announcements get posted.
Subscribe to video channels and digital newsletters
Gone are the days of monthly issued glossy magazines delivered at your doorstep in exchange of a couple of dollar subscription fee.
Today, you can easily subscribe to video-sharing channels like Youtube for free to get updates explained to you in comprehensive animated presentations. Digital newsletters, on the other hand, may cost you a little for the convenience of viewing news and other important announcements in your e-mail.
Build relationships with regulators
Probably the best way to keep posted with regulation updates is to keep in touch with the regulators themselves. It’s like having a free pass to knowing the proposed and the latest changes in the industry policies and regulations.
Besides, being connected to the business regulators gives you the chance to provide your feedback on how rules are created and implemented. Your opinion will then have a place in the policy-making process of the regulation agency.
Join industry associations
Being a part of business associations and organizations not only broadens your connections but also helps in filling you in on regulation updates. These groups usually hold educational events such as seminars and forums about business contract between partners and other topics to keep their members current with business trends and regulation amendments if there are any.
Attend business and professional conferences
Some may make attending conferences look like a paid vacation, but such gatherings have huge impacts on effective business management. Huge conferences often invite speakers who can share their best practices in complying with regulations and adapting to new ones, and other insightful ideas like business contract between partners that keep them on top of their games. If you are lucky, you might get to hear updates from invited policymakers and regulators themselves. Nothing beats info that comes right out from the source.
Talk to your peers
If you are not a fan of the internet and you do not have the time and energy to attend forums and conferences, then having a chat with your business peers over a cup of coffee probably suits you.
They may have attended seminars and learn about a fresh regulation to watch out for, or they may have received news regarding some policy changes and update. In whatever manner, it is ensured that one or two of your acquaintances might have something interesting to share regarding business legalities.
To keep your business afloat in this ever ebbing and flowing industry, you must not only be updated with market trends, but also—and more importantly—with policies and regulations.
