Taming Regulatory Reform
Posted by | January 31, 2011
Many a CFO has lost more than a night’s sleep contemplating both the intended and unintended consequences of new healthcare regulations. Because of the uncertainty that’s been created, the paralysis is virtually palpable.
While the ultimate impact of evolving healthcare regulation is impossible to predict, this should not prevent CFOs from charting a growth strategy. Here are a few ideas on how a growth strategy can be successful in an environment that can rapidly reverse direction:
- Prepare for all possible outcomes. Though the specific impact of regulatory reform on your markets may not be completely known, the range of possibilities is probably better understood. Develop strategies that are flexible and responsive to both current and potential market environments. A plan to quickly modify your product, marketing or organization to new regulations that anticipates a variety of scenarios, including a worst case, will arm you with a tool to move forward at a time your competitors may stumble.
- Educate, educate, educate. You may not be the only one that is uncertain as to the impact of regulatory reform. Your customers may be equally confused. Take the initiative to stake the high ground becoming an industry expert who your customers can trust as a source of information on the impact of regulatory reform on their business.
- Measure twice, cut once. The success of any strategy depends upon your ability to gauge your progress. Waiting until regulatory reform and its impact is understood may be too late to determine whether you have made any progress. Consequently, develop tools today that enable you to measure your progress as reform evolves. Are you making the right decisions today that will enable you to prosper as regulatory reform is implemented?
While regulatory reform heightens business risk and uncertainty, don’t let it become an impediment to growth. CFOs can use these simple strategies to reduce risk and improve their opportunity for success.
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