Several industries are regulated by governments throughout the world to various degrees. Some industries; such as financial, medical device, pharmaceutical, food processing and commercial aviation, are intensely regulated. Most businesses in regulated industries spend considerable effort, time, resources and capital on regulatory compliance just for the opportunity to sell their products and/or services in regulated markets. Most regulated businesses perceive compliance as a necessary “expense” of capital and resources. However, regulated businesses should use the “glass half full” approach and treat compliance efforts as an “investment” in a minimum quality standard that applies towards a higher quality standard resulting in having the “best” product or service in the market. By treating compliance efforts this way, a business can leverage the compliance effort into a much bigger picture initiative that not only assures regulatory compliance, but results in higher profitability, increased sales and sales revenue, additional satisfied loyal customers and improved shareholder value. Usually, the cost of investing in maximizing quality and value is about the same as an effort to just attain compliance, but with many more benefits. So, do not complain about and resist regulatory compliance and try and get away with the bare minimum compliance effort. Embrace regulatory compliance as a grand opportunity to improve your business and bottom line results.
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