Regulation Can Make (or Break) Your Business
As the world prepares for post-pandemic life, businesses must be ready to adapt to a very different market and regulatory space than the one they worked in little more than a year ago. While there is much to look forward to in the months ahead, established companies and new startups alike should take the time now to strategize on how to work with government regulations in a manner that helps—instead of hinders—their business. In this article, we’ll walk through how regulation can be one of three things for a company’s business: an opportunity; an obstacle; or a risk.
Regulation as Opportunity
By thinking strategically about how to approach shifting regulatory winds, businesses can grow and even succeed. Take, for instance, the early days of the ridesharing industry. By circumventing the traditionally high barriers to entry in the taxi industry, such as medallions and licensing, companies like Uber and Lyft were able to offer cheaper rides in the cities they started up in. When combined with the convenience factor of their app-based hailing system, the narrowly applied existing regulations in this space worked to their immense advantage. This outside-the-box approach to regulation can give businesses the opportunity to thrive and even grow.
