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Balancing Compliance with Business Growth

By: Lisa Patrick

 

Balancing Compliance with Business Growth

Government and industry regulations are changing the way entrepreneurs do business and this has an important impact on strategic and operational drivers.

In today’s environment, the ability to stay profitable while quickly adapting to satisfy compliance is critical.

Entrepreneurs tend to take little risk with operations and compliance due to agency oversight, customer demands, and ethical responsibility. Growing companies typically take more time with employee-related compliance such as

  • Taxable benefits
  • T4 deposit requirements
  • Equitable pay and stock option practices
  • Fair selection/promotion practices
  • Wage and hour laws

Although compliance in these employee-related areas possesses attention, it does not have the same urgency as operational compliance. That’s why operational compliance typically gets put on the back burner during periods of growth.

Risk management must become an integral component of company growth criteria so that operations like Development, Regulatory, Manufacturing, People Development, Business Development, and Commercialization are not unduly constrained by compliance, but are executing growth strategies within compliant boundaries.

By making the compliance effort part of the process, starting with operating function growth strategy initiatives and then overlaying compliance, the potential to retain key growth programs is much higher.

Most growing companies are so focused on their ability to produce now that they spend little effort on building the operational infrastructure to sustain their growth over time. A focus should be on work procedures, training and development, information processing, goals, performance management, and communication channels to name a few. The operational infrastructure required to go effectively to market, care for customers, generate revenue, and sustain competitiveness.

The adoption of innovative tools like Convention Business Travel’s web-based interactive meeting agenda and discussion platform that results in an increase in program efficiencies, people development, business development, and productivity are so important to the execution of the company’s growth strategies. A feature rich platform with consideration to the government & other regulatory compliance criteria is supported, enriching the operational success of new and established businesses.

Michael Wekerle, co-founder and CEO of Difference Capital, is no stranger to understanding the value of operational strategies to achieve success while ensuring an overlay of regulatory compliance and reporting. I suspect that Difference, his merchant bank was designed from the recognition of value of the above philosophy, as the services offered both allow him to invest in businesses and advise them at the same time.

So like Michael, people who understand and recognize the constraints of compliance, and embrace operational strategies and innovation will be the leaders of change and the next generation of winners in their respected fields.

Published: September 7, 2016
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Source: Convention Business Travel

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Lisa Patrick

Lisa Patrick is the Chairman and CEO of Convention Business Travel. She is a savvy, innovative, business-focused executive with a strong network and proven track record with corporate and strategy. Lisa started her career in law enforcement and is now the founder of several successful startups. Lisa prides herself on building relationships first and conducting business next. Today, she successfully balances business, marriage and motherhood.

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