David Bowie sang about it. Bob Dylan did, too. It's change, and it's something that usually strikes a little fear in the hearts of most ordinary people. Whether it's moving into a new home, changing jobs or giving up the single life to start a family, change has given us sweaty palms at one time or another.
But in the business world, the ability to change — and adapt to change — has become the keystone of many successful operations. Without it, your business risks becoming stale and alienating customers as buying trends and consumer preferences shift over time.
Some organizations are inherently better suited than others to make changes. Small businesses, for example, are generally more adaptable than their large counterparts. As a result of the need for change, many companies have altered their product offerings, target markets, customer service practices, locations and even their names.
Create an Environment for Change
Of course, you can plot a reinvention of your business, but you can't pull it off unless you have created an environment that supports it. That starts with you, but also includes your employees, investors and customers.
To create this environment in today's business world, it is important to remember a few things:
• You and your employees are the agents of change.
• Change should be instituted for the sake of the business, not for change itself.
• Change is about people — not numbers.
• Opposition is still a good learning tool.
• Change can be informal.
• You can't force people to change.
• You can't change a company without changing yourself.
As a businessperson, you have no time to be afraid of change. Instead, you need to embrace it. Change in the business world is often the end result of identifying a changing tide in public opinion. Throughout modern history, corporate executives and business owners have prided themselves on keeping their fingers on the pulse of the public. That means identifying what consumers want now or will want in the future. Many successful businesspeople say that such ability is the key to their accomplishments.
Count on your Hancock or Whitney banker to be your trusted business financial partner, no matter what changes may come to your business. Stop by and talk with one of our bankers at a local branch near you.
© 2015 Virtual Advisor, Inc.
Information is for educational and illustrative purposes only.