Managing change in business positively

By Sally Storey, Partner

29 May 2023

As interest rates continue to rise its become necessary to consider changes within a business to ensure its continued viability. So, how do you manage change positively?

Managing change is crucial to ensure growth, success, and sustainability in any business, particularly if inflation continues to dominate headlines. Despite its intimidating and challenging nature, change can become an opportunity for improvement and progress with the right mindset and approach. In this blog, we'll provide some tips on how to manage change positively in your business: 

1. Create a plan: A solid plan is necessary before implementing any changes. Identify the goals and objectives of the change, create a timeline, and assign responsibilities to the team members. A well-thought-out plan can help you stay on track and avoid potential setbacks. Consider using a  time management tool  to facilitate your plan.

2. Communicate effectively: Communication is vital when managing change positively. Communicating the changes to your employees, suppliers, customers, and stakeholders is crucial. Explain why the change is necessary, how it will benefit the business, and what challenges may arise. Encourage feedback and be open to suggestions. 

Fostering the right attitude

For the best results, your employees should feel that:

• Their skills and talents are being used appropriately;
• They have a say in what's happening;
• They're part of a team with shared goals and commitments; and
• There is a direct connection between work and the company's mission. 

In other words, you are responsible for ensuring that your employees understand your company's goals and feel they have a role in fulfilling them.

Awareness and anticipation

The most effective way to navigate changes is to understand the forces surrounding it, national and global, thoroughly. You can then keep your employees informed, feeling as secure as possible and that they are working with you towards a common goal.

• Facilitate communication within the organisation;
• Listen to your new employees as fresh eyes in the organisation;
• Develop a strategy to identify options, make choices, act and make adjustments;
• Experiment, innovate and accept individual initiatives without feeling they may lead to instability; and
• Reward employees and partners for participating in knowledge creation, discovery and sharing.

In conclusion, planning, effective communication, team involvement, a growth mindset, and flexibility are necessary when managing change positively in a small business. By implementing these tips, you can create a positive environment that fosters growth, success, and sustainability. Remember that change is not always easy, but it can lead to great things with the right approach.

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