Money coach Niyi Adesanya has urged business owners to engage actively with the professional bodies and institutions regulating their industries instead of waiting for new policies to emerge before responding.
Adesanya believes businesses that fail to build relationships with regulators risk being left out of important discussions that could shape their operations.
He described the approach as “regulator capture”, arguing that companies should establish themselves within their industry’s professional networks and contribute to discussions before major regulatory decisions are made.
“Anybody who regulates your industry must be captured by you,” he said on the Masterminds podcast.
Explaining the concept, Adesanya said business owners should actively participate in the associations and professional bodies that oversee their sectors, contribute to their activities and build relationships with relevant stakeholders.
Using engineering as an example, he said professionals should remain involved in their engineering society so they can contribute to discussions and potentially be consulted when policies are being developed.
He added that experienced mentors could also help business owners understand the regulatory landscape and establish the relationships needed to navigate it.
According to Adesanya, waiting until a policy is introduced before seeking to understand its implications could put a business at a disadvantage.
“You should be aware before the policy comes out to regulate you so that you can be one step or two steps ahead,” he said.
