Business is fluid. A lot like water in a river, it is constantly flowing and transforming over time. To be successful long-term, you must adapt to the new things your industry brings you.
Examples of change in business could be: new technology (point of sale systems in retail), industry trends (price bubbles in real estate), or unanticipated events (loss of staff, new market competition, etc.). All of those situations are giving you an opportunity to create something better, faster, and/or more efficient. If your business is having a hard time keeping up, consider the following so you don’t get left behind.
1. Proactive vs Reactive Change
Research your industry and know what is on the horizon, is someone out there already shifting the demand? Change out of obligation doesn’t usually end well, plan for change and be prepared.
2. Initiate it!
Introduce new things in your market that give you a competitive advantage. Be the company people recognize as an industry leader. Innovate and make your market stronger.
3. Direct it!
Manage change to ensure follow-through and execution of the new direction. Keep your team updated frequently to keep the synergy flowing, don’t lose momentum!
We are creatures of habit and change can be difficult for anyone. It can be met with frustration, push-back, and hurdles—all of which cost you time and money. Give your staff and others that are affected in your company a heads up to set the tone. If you communicate change as something positive and implement it well, you and your employees can reap the benefits. This will ease the tension, fear, and uncertainty that come with the unknown.
Every circumstance is different, comment for clarification. Cheers to a fabulous week ahead!
Did you miss my last post: Increase Prices to Grow Your Business?
By Stacy Saenz, Director of the WHH Controller Program
Stacy is a Fresno State educated MBA who has served in accounting, controller and CFO roles for several local businesses. Her unique talents and experience teach business owners to translate numbers into useful and forward-thinking business decisions. Contact her directly at StacyS@whhcpas.com
