New year, new business
By the end of this year, as individuals, we will have begun reflecting upon our decisions and will have started making plans to reinvent ourselves in 2018. Businesses should act in a similar way, by reflecting on this year's decisions and outcomes and looking for future possibilities.
Technology changes, consumer needs adapt and economies fluctuate. Reflection is one of the most important tools organisations can utilise for success, and with holidays around the corner, it is the perfect time to start.
The importance of change
Change is inevitable. It is the driving force for all innovations and major turning points in our history. Take the evolution of human resources, for example. Every field adjusts to stimuli and must understand the need for change in such an evolving time. To remain successful, businesses must accept change and understand the benefits change can bring the organisation. To remain competitive, businesses can utilise change in the following ways.
Adoption of change regarding technology is common for most organisations; however, it is something that can still be overlooked. Time and time again, technology has changed the way we communicate and how we remain productive.
Economy and globalisation
The economy can also experience change due to a large business or a number of businesses. Utilising technology has also increased globalisation. Economies are more interconnected today and borders will continue to overlap as change continues. Businesses should notice this trend and work to enhance this change.
It is important for organisations to grow and create a learning environment to improve skills and productivity. Developing this environment requires the use of new tools and innovation that must be accepted by all members of the organisation.
Organisations continue to alter their structure as technology has created an augmented workforce. Growth will not always occur in the boardroom anymore and managers will have to adapt and utilise technology for communication and growth within all parts of the organisation.
Warning signs for change
Change can be such a benefit to your organisational success; however, managers sometimes find it difficult to know when to advocate for change. The following are a few of the signs that could signal when it is time for change in your business.
Oh no and a plateau
Just like in an exercise program, businesses can hit a plateau, where they are not failing, but they are not improving either. It is important to continually keep your body, and your business, in a state of change in order to push forward and progress. Businesses that hit a plateau and become complacent are frequently left behind in today's environment.
Offer new training for professional development. Improving skillsets can instil creativity and create new innovations for your organisation. Adding to the team can also create change by pushing employees to work smarter and collaborate with new employees. Also have an innovation meeting weekly to promote new ideas and creative work in such a fast-paced environment.
The only time to compare yourself to others
For the majority of the year, you are your own competition; trying to outdo and better yourself each week. To keep yourself on track though, it is important to check in with your business competitors.
Managers should utilise benchmarking and understand what the competitors are doing in order to remain innovative and ahead of the curve. Use tools, such as a SWOT analysis, to keep track of competition and to help develop new ways to beat them.
Falling off the bandwagon
We all do it. Morale plummets and we find ourselves sitting on the couch eating straight out of the ice cream tub. In a similar way, employees can also become less productive and effective for the business. Managers should constantly gather feedback to understand how employees are feeling in order to create new programs for morale.
Change is the answer to improving morale and creating an exciting workplace again. If you see yourself, or your team losing interest, develop a new plan that creates this change and innovative in the workplace.
It does not always need to be a complete organisational overhaul to improve morale and create a more adaptive environment; however, to remain successful in a volatile environment, many businesses are having to adapt their organisational design. Start small with your adjustments, just as you would with a new diet, and then keep records of productivity to understand the benefits of a new program.
Consumers are always difficult to track and understand. Many, especially in today's society, don't stick with one brand and continually change their values and interests. When managers notice that loyal customers or clients are beginning to stop doing business with the organisation, it is time for change. Adapting to your employees' needs as well as your consumers' needs is important for any business.
Training and change
The best way to keep your business successful and stick to your resolution goals is through proper training. Training can improve skills so that individuals are more confident with change and are more equipped to handle any obstacle that comes in this fast-paced environment.
- Knowledgecity. (2017). Is Your Business in Need of Change? eLearningLearning. Retrieved from http://www.elearninglearning.com/edition/weekly-company-blog-flash-conversion-2017-11-11?open-article-id=7542791&article-title=is-your-business-in-need-of-a-change-&blog-domain=knowledgecity.com&blog-title=knowledgecity
- Richards, L. (2017). Why is Change Important for an Organization? Chron. Retrieved from http://smallbusiness.chron.com/change-important-organization-728.html