Businesses can influence regulatory change through active participation in the regulatory process. This can be achieved by:
1. Providing Feedback: Responding to public consultations and providing constructive feedback on proposed regulations.
2. Lobbying: Engaging in lobbying efforts to advocate for favorable regulations. This should be done ethically and transparently to maintain trust with regulators.
3. Industry Collaboration: Collaborating with industry associations to present a unified voice on regulatory matters. This collective approach can have a greater impact than individual efforts.