Regardless of what your organization does, the government relations function is essential. Top companies make sure that their organizations excel at lobbying and industry-group participation. By having staff dedicated to handling tasks such as identifying issues, developing positions, and gathering compelling international benchmarks, your company can anticipate a much broader range of possible regulatory outcomes. Notably, leading groups quantify the impact of these outcomes on all parties involved, not just their own companies, by including the regulator and even the broader industry in their analyses. This approach dramatically improves the quality of engagement and can even break through seemingly deadlocked situations—for example, when a company can quickly and accurately show a regulatory proposal’s negative consequences for national employment rates or tax revenues.
