Regulatory Changes: Keeping Business Strong
No matter what industry you’re in, there are always rules and regulations that you must be aware of. As you work to get the edge on your competitors, you expect to come across daily challenges. However, when a new business springs up that significantly affects your industry, you are faced with the quandary, do I adapt my business model to this situation or do I call for new regulatory changes?
Should You Propose Changes?
When competition arises, one of the most effective ways to keep your industry in check is to introduce the idea of new regulation. As any experienced Boston business attorney can tell you, sometimes the only way you can deal with new competitors is to make sure they play by the same rules you do. This means advocating for new regulations that apply to the changing business landscape.
When Must You Adapt?
One such situation currently exists in the taxi industry. New companies like Uber are causing quite a stir, as they give customers a new way to get transportation. While some think new regulations are needed to account for these new companies, others feel it’s just the normal evolution of the industry and that traditional taxi companies should adapt.
Whatever the taxi industry decides to do, the truth is that it can be difficult to determine when it is time to makes changes to your business and when it is time to advocate for new regulations. The idea that progress comes when you expand your business model certainly has merit, but sometimes that so-called “progress” is not progress at all. It often depends on the particular industry and the demand for its services.
It is always challenging to deal with new competition in your industry; however, if you are not sure whether to adapt or advocate for new regulation, it may time time to speak to a qualified business attorney. Jeffrey Cymrot of Sassoon and Cymrot can help you explore your options and navigate new regulatory changes.