Step 17: Research Regulatory Climate
The Concept:
It's vital to know which government and industry regulations apply to your company and how those standards may impact your business.
What you need to know:
Depending on your type of business, your company may be subject to certain standards and regulations. These include:
Occupational Safety and Health Administration (OSHA) Regulations
Cover on the job safety issues such as adequate ventilation, safe use of equipment and chemicals, scaffolding requirements, ear plugs, use of hard hats and steel-toed shoes, etc.
EPA Regulations/Permits
These national and state environmental standards cover water quality, air quality and solid waste disposal. The EPA also regulates prior and potential soil contamination.
Industry Regulations
These include Weights and Measures, the local Health Department and the Department of Alcohol, Tobacco and Firearms.
Points to consider:
Do any regulations necessitate a change in your product or service? If so, do they affect your ability to sell it in the competitive marketplace?
In addition to knowing and understanding current regulations, it is important to stay abreast of pending legislation, political issues and lobby-group issues related to your industry.
Have regulatory issues been identified and addressed?
Do you have a system in place to monitor regulatory changes? |
