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Why do businesses need to change?

Fri, 08/19/2016 - 09:32

By RICS Leadership

Every business should go through the process of change management. It is inconceivable for any business to go too long without changing some aspects of the way that it works, simply because things change all around them.

The difference between change management and business transformation

Change falls into one of four categories:

  1. Economic: There is a constant need to steer a course through the changes in the economy and particularly the impact that this has on your customer.
  2. Competition: There is constant pressure to keep up with, or ahead of, your competition.  If one or more of them change the way they do things, you can bet that it will not be too long before you have to change to adapt to it.
  3. Technology: Changes in technology mirror Moore’s Law pretty closely i.e. every eighteen months there is a potential need to make changes to keep up with technology.  This doesn’t mean that you have to keep up with every change, but it does mean you need to review the pros and cons of doing so.
  4. Fashion: Sometimes goods or services simply go out of fashion.

Therefore, change management should be the norm in any business, providing you follow the golden rule of change management, which is:

                “Never change for the sake of it; only change for real, operational benefits.

The difference between change management and business transformation is one of degree.  If your business needs a major overhaul it will no longer be enough for you to carry out a process of continuous improvement of the type that you can deliver through a change management process.  You may need to carry out some substantial ‘Root and branch’ changes to your business, even if it causes some short term disruption.  Such changes come under the heading of Business Transformation.

Remember, you can improve your business by making changes, often small ones. To transform your business you must make a lot of changes, often large ones.

Stan Hornagold is Director at Stay Out Front

 

Discuss this further with Stan Hornagold during our Business Management for Aspiring Professionals course taking place 25-26 October 2016.

Find out more about RICS Leadership and Management courses and see how we are supporting professionals in the built environment to position themselves as leaders in their industries on the RICS Leadership website.

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