R. Shawn McBride recently spoke about the challenges with regulations. Here is the full transcript:
Hi there, everybody. R. Shawn McBride with you again talking today about regulation and frustration with regulation. We’ve been getting a lot of feedback on this area, so I’m joining you from Bel Air, Maryland. If you’re listening to this or watching this video replay, let me know where you’re coming from and what you’re dealing with. Feel free to message me with some of your issues and concerns, things you’re dealing with in your life or your business. Get in touch.
One thing that’s been coming up in the business leader forum that I’m helping to moderate, as I focus on business leaders with 10 plus year visions of the future, is the problems with regulations. It’s constantly coming up as a thing. A lot of business owners or business managers are frustrated by the fact that regulators are holding them back and not allowing them to be what they want to be or do what they want to do with business.
I get it. It’s very frustrating. Being a lawyer, I know firsthand about regulation. Our state bars regulate a lot of our activity, with very good intentions. They want to protect consumers to make sure that business people and others that are using legal services are protected, but it ends up being a lot of rules and layers of rules, and sometimes the rules doesn’t make sense, especially with the evolution of business. Business is evolving. It’s changing. Things are happening, and the ways we communicate change, particularly with social media. State bars haven’t caught up with that.
We see the same thing in the banking regulations. People are running banks, credit unions, and the world has changed and the regulators try to respond with things that make sense but they end up having unintended consequences.
What do we do in a regulatory environment that’s harsh or that’s difficult against us? Well, number one we want to get the resources of others. We want to team up, and this has been pointed out as getting into groups or collectives that can work with the regulations or fight through the regulations.
Secondly, you might want to outsource some of your regulatory work or team up with others. There’s others that are facing the same regulatory burden that you are. How are they dealing with it? How can you work together through these issues to make sure that you are all on the same page and that you’re dealing with the regulations together, and that maybe you’re finding some innovations or some efficiencies in a group?
A third way to deal with regulation is to just evolve your business. Change what you’re doing. Get away from the regulatory environment. We see a lot of people, particularly newer businesses that attempt to do this. They’ll see regulations sitting in one area and they’ll come up with a new way that bypasses the regulations and do something in an unregulated area. It’s a little bit more difficult if you have an established business, but if you’re a newer business this can be a great area of opportunity. So, you really got to figure out what’s right for you and what’s wrong for you. Unfortunately, regulations often are well intended but they can have huge economic consequences and we’re all dealing with them.
We need to think innovatively. Same issues and things apply here. You’re given the rules. You’re set by the plan. Maybe the rules change with new regulations coming in, but once you know what the rules are, you have got to figure out how to deal with the rules, and then we got to build a plan. The same things I talk about in my 3 Laws of Empowerment speech are going to apply here.
How do you prepare yourself for success? How do you make your plan in light of those regulations, and then how do you protect yourself to make sure that you’re not going to get in trouble later or have disruptions? Really the same principles apply, just regulations are a little bit different because they’re coming from an outside force and they can often change on a dime. And they can be very costly to comply with, but we still go back to the basics for business of building our plans and working through them, and finding ways to either deal with the reality of where the map is or bypassing it and changing it.
If you have any questions or any follow up, just reach out to me. Would love to chat with you in the future. Good luck with those regulations out there.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Milda K.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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