If you have been following my blogs, you will have read my frequent reference to the following statement: “Change is the only constant in the life of a business”. Change, like any other aspect of a business has to be managed.
Once you get over the emotional factors that include enthusiasm and a spurt of motivation, the real work becomes a reality. My blog “Focus on Opportunities” stressed three issues that had to be considered with every opportunity. Change has similar issues that need to be considered
- The time required to complete the change.
- The number of people required to implement the change.
- The projected financial result when the change is completed.
To me, change indicates a totally different direction for a firm, while opportunities are options that can be considered and added to existing products and services.
An example of a change can be a totally new system for handling incoming business. The old system is abandoned in exchange for a new one. In this case, the entire staff participates in the change and will have to “buy” into the new process.
While the three items listed above form the core considerations, there are several other things that need to be looked at:
- What are the benefits that your customers will receive from this change?
- What are the downside risks that may affect your customers?
- Can a smooth transition between new and old be handled without any disruption of product or service delivery?
- Can the current staff be trained to work on the new system or will there be a need for new staff?
A change in a business provides another opportunity to contact your customers and share the benefits of the change. Always remember that change just for the sake of change is not a good reason to make the change.
Decisions help us start. Discipline helps us finish.
Nick J. Petra CFP visit www.strategicduck.com and subscribe to our blog and monthly newsletter
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