It doesn’t matter whether you are just launching a new startup or whether you a veteran of leading your own business, the importance of change is crucial to the survival of your venture. This has never been more apparent than in the current Covid-19 climate. Companies across the globe have struggled to adapt ot a new normal and have found their businesses crumble. While you might be keen to avoid making your staff redundant, you need to think quickly to change your business model and processes to shift with the economic times. Coronavirus shows no sign of abating and things will never go back to the way they were. You need to be flexible and understand the importance of culture in change management to survive these pandemic days.
The people you employ, your stakeholders, and your customer base are crucial to the success of your money-making venture. Without them, there would be a cog missing from your well-oiled business machine. You need to ensure that you have buy in to any change you want to make in your business. With the rapid pace of current change, resistance will always be present. However, rather than plowing ahead with your changes and leaving people behind, you need to coerce them and make them see what is in it for them. It could be something as simple as them keeping their jobs or for your customers it could be a new product range but at a cheaper price. You need to keep your people with you on your change journey and enhance the culture of your business otherwise you will be doomed to fail.
There are many different changes that you can make to try and ensure that your business survives. If you work as a private physician, you may see a gap in the market for antibody testing for coronavirus. This may mean that you need to invest some of your cash into more advanced medical fridges to maintain the sterile nature of the tests. This could involve training up your lab team on how to use them and maintain them. This training could take time and money. Work out what the benefits of this change would be and communicate this with your employees.
Another change could be a cut in budget or a lack of outsourced expertise. While this sounds like a negative change that could sap morale, tell your team that this is the only way to ensure their job retention.
You can make all of the changes you like to try and ensure the survival of your business, but it is the embedding of these changes that will be crucial. Documentation and impact assessments are one thing, but you need to see the changes in action to assess their efficacy. Change for changes sake is a waste of time, resources, and effort. You need to measure tangible benefits and continue to adapt to a rapidly changing world.
If you can embed change effectively and bring your people with you on a change journey, your business has every chance of thriving in a post pandemic world.