If you are running your own business, are you open to change? A business that is quick to accept change and adapt to market conditions, is one that is more likely to thrive. Change is inevitable but how you respond and manage change is key. There are some basic strategies that you should implement to ensure that your business is open, adaptable and capable of change.
Firstly, get your ‘mindset’ in the right position. If you have a ‘growth mindset’ then you’ll be promoting learning, innovation and resilience. Encourage your team to be creative and experiment whilst being open to criticism and embracing any challenges that may come their way.
Keep up to date with what is happening in your industry. Ensure you know what the emerging trends are, what new technologies you can take advantage of and what your customers/consumers are thinking. Conduct market research, attend industry events that are relevant to you and your business – the latter is a great way to network with your peers. If you are proactive, you can plan and anticipate potential changes that could impact your business.
In the past, technology was considered a significant expense, but subscription-based cloud software has eliminated the need for large upfront investments. By dedicating time to implementing technology, automating processes, and utilising data analytics for informed decision-making, you can ultimately lower costs.
Your team and your customers can be unsettled by change, but if you clearly communicate and provide a consistent message everyone will understand the reasons for the change. Your team will be on board with the change if they understand why you are making the change and how the change is being implemented – so keep talking. Encourage the team to give feedback and ensure you keep everyone regularly updated throughout the change process.
It’s really important to monitor the progress of the change and measure the impact. Set clear objectives from the outset and define Key Performance Indicators (KPI’s) so that you can track the effectiveness and success of the change. Pop regular review meetings into your calendar, so that you don’t forget to keep track of where you are.
If you position your business as one that is open to change, you’ll be well-prepared for any change that comes your way, you’ll be able to adapt and seize the opportunities that are presented to you.
We offer tailored advice to help you assess your business and manage change effectively. Contact our Business Services team to learn how we can support and help you accept business change.
