Planning for Future Regulatory and Compliance Changes
U.S. manufacturers pay approximately 25% of all environmental, workplace, economic, and tax-compliance regulation dollars annually, according to the Small Business Administration’s Office of Advocacy. While nearly all industries face new regulations, this amounts to over $160 billion that is shouldered by the manufacturing sector.
Regulatory compliance can be costly, but its impact may be less severe if manufacturers plan in advance for new standards and regulations. Since compliance is mandatory, executives often find their businesses are in a constant loop of implementation – reacting to the next set of regulatory mandates.
Establishing an early warning system for regulatory monitoring will act as a barometer and will help identify potential challenges. However, you may still need to move to rapid action to comply. While it is impossible to predict all future regulatory policy, ensuring that your infrastructure is updated, building systems are modernized, superior process and sustainability improvements are adopted, and safety measures are implemented, will put you well on the road to meeting new regulations. If your competitors are still in a reactive mode, they risk operational volatility and loss of profit.
Making structural or process changes proactively is less expensive since you are able to manage time, resources, and effort without impacting business mandates. Building resiliency into your manufacturing operations allows you to prepare in advance.
Take advantage of the knowledge offered by your prime contractor to prepare for future regulatory changes. With experience in regulatory compliance, the professionals at Storee will evaluate your site and determine the best solutions to meet the most challenging requirements.
Contact Storee at 888-736-2032 for more information.