We all know that legislation has an
effect on our business. This becomes very evident even as a business is just starting to be formed. As the
business grows, more laws are passed and
other laws that affect businesses based on
their size come into play. Some laws help
business, some provide challenges, while
others can be anti-business. Laws, ordinances, rules and regulations are passed at
the local, state and national level. How can
you be sure that your business is getting
fair consideration as these laws are being
developed?
“While we all have to be aware of and follow all the various laws that affect our business, it is just as important to know what
legislation is being considered that could
potentially impinge on our business,” says
Fred Dobbins, city president, Wealth &
Investment Management, SunTrust Bank
in Tampa. “It is much easier to help shape
a bill than it is to change a law after it goes
into effect.”
Smart Business talked with Dobbins for
more insight on how we can be effective in
making sure our thoughts are considered
in any new legislation.
How do I find out what laws are being considered?
Don’t wait until bills are introduced. The
earlier in the process your concerns are
known, the better chance you have of influencing a positive outcome.
Get involved in your local Chamber of
Commerce. It monitors business impacts
by government at the local, state and
national levels. Devote as much time as
you can to finding out what issues are
being considered by the various governmental entities. At least scan the newspapers and review your Chamber’s governmental summary. Know what committees
are working on. Look for comments by legislators that might indicate their interest in
passing new laws to solve a perceived
problem that crops up from an event that
has received media attention.
What are some additional ways to obtain this
information?
Become active in local, state and national associations that represent your business segment. Talk to your business
banker, express your concerns and enlist
help through his or her contacts and associations. Subscribe to a good legislative
summary service that is specific to your
business. It should provide weekly or — at
a minimum — monthly electronic updates
to what is happening on the legislative level
that might affect your business.
Encourage all employees, and especially
key employees, to become active in associations that represent their business responsibility. Regularly obtain feedback from
these employees on what they see on the
horizon as far as legislation that could
potentially affect your business.
How involved should I get in the legislative
process?
It depends on the size of your business
and the time you have available. You may
only have one hour per week to build your
knowledge, but start now and your impact
will grow. Devote as much personal time as
possible and supplement that with the
assistance of your peers, colleagues and
others with similar interests.
What should I do when I hear about legislation that could potentially affect my business?
Even before that, get to know your representatives at all levels. Also get to know the
administrative officials that might be
involved in implementing or enforcing regulations.
Officials — elected, appointed or hired —
need to hear from their constituents. They
want professional input that will help
them. Even if they don’t agree with you,
they’ll usually welcome your input and at
least consider your thoughts, especially
when you contact them in a professional
manner. Attend public meetings and events
to facilitate networking with these individuals. Talking to the legislators in their element will help you get to know each other
on another level.
When legislation is being considered,
contact your representative and express
your thoughts. Attend public hearings or at
least send a representative. Participate in
political action committees. If there is not a
PAC that represents your interests, you can
form one.
Besides being keenly aware of how any
particular legislation might affect your
business, try to look at the big picture.
When you know what legislators are thinking and why they have an interest in a particular bill, you’ll have a better chance of
influencing them in a way that might help
them come up with a solution that helps
them, their overall constituency, your business and yourself.
SunTrust Private Wealth Management is a marketing name used by SunTrust Banks, Inc., and the
following affiliates: Banking and trust products
and services are provided by SunTrust Bank.
Securities, insurance and other investment products are services are offered by SunTrust Investment Services, Inc., an SEC registered investment
adviser and broker/dealer, and a member of the
NASD and SIPC. Securities and insurance products and services are not bank guaranteed. They
are not insured by the FDIC or any other government agency, and they may lose value.
FRED DOBBINS is city president, Wealth & Investment Management, SunTrust Bank. Reach him at (813) 224-2601 or
[email protected].