From the course: Assessing and Improving Strategic Plans
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Handling regulatory or political changes
From the course: Assessing and Improving Strategic Plans
Handling regulatory or political changes
- Legislative and regulatory changes can cause massive upheaval for your strategic plan. Elections happen all the time. New rules and regulations are proposed, implemented, or repealed on a daily basis. Court cases can change an entire industry landscape. Follow electoral races, regulatory initiatives, and landmark court cases that can affect your business. Build contingency plans for possible political, legal, and regulatory outcomes. I've seen legislation and regulations impact businesses in huge ways. Here are a few examples. One client I worked with was dealing with some massive regulatory changes in terms of how regulators were going to interpret the way their industry worked. This client was proactive. They got involved with the regulatory comment period. They put their perspective forward through experts, and got regulators to pay attention. The outcome was they were able to shift some of the interpretations that were going to affect their business. Another company that I…
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