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The Challenges of Growing Your Business - Welcoming Change

January 30, 2019

 

Complacency can be a major threat to a growing business. Assuming that you will continue to be successful simply because you have been in the past is very unwise.

 

If they have the right attitude, leaders can utilize change as an opportunity to innovate and grow.

 

Leaders are people who don't just learn to live with or manage change — they actually create change and help others successfully navigate it.

 

Change simply means that something is different than it was a minute, a day, a week ago. Some trigger has modified the details of your life, the organization you work for, even global economic conditions.

 

Change is actually just energy, and its positive or negative force could evolve with the personal perspective you have on it. For example, as horrific as it sounds and feels, getting fired could ultimately be positive.

 

Regularly revisiting and updating your business plan can help remind you of the changing market conditions and the need to respond to them. See my post on planning ahead.

 

An up-to-date plan helps you identify what action you need to take to change your business and the way it operates, for example:

  • Renegotiating contracts to take account of increased volume.

  • Training and developing employees. Your own role will also evolve as the business grows. See the post on leadership skills and attitudes.

  • Making sure that you keep up to date with new technologies.

You need to be fully committed to your strategy, even if it takes you out of your comfort zone. This may involve hard decisions - for example making employees redundant or switching business away from partners you have become friends with. But unless you're prepared to do this, you risk putting your business at a dangerous competitive disadvantage.

 

Here are three ways to use change as an opportunity.

 

1. Recognize that change is a permanent fixture of our economy and our lives.

Don't live in fear of change. Welcome it, even encourage it. This is what smart business leaders do to anticipate changes in market conditions that can affect everything from the cost of financing because interest rates fluctuate — or the loss of sales because consumer trends evolve.

 

Smart business leaders know they have to reinvent their business model every eighteen months or face the consequences of unseen change.

 

2. Listen carefully to catch the change behind the change.

Change can be tricky and misleading. Be careful not to make a superficial translation of some trend only to be led down some dead end. Not all change is what it seems on the surface.

 

If you don't truly get under the change and analyze it before you react to it, you may miss something — like the critical time to quit your job and move on.

 

3. Impersonalize change.

You are not the only person in the world affected by change. You may be stuck in a trap where you think that you caused the change in your life and that it is harmful to you alone. Taking responsibility for personal behavior is always the right thing to do. Obsessing about your own personal problems caused by change it is not.

 

Most often change actually happens just because world beliefs, politics, economic and social conditions are dynamic and they are constantly acting and reacting upon each other to cause the change that filters down to the individual.

 

Jim Rohm wrote that "Life does not get better by chance. It gets better by change."

 

Whether you’re a startup or an established business, change and risk represents a door of opportunity. For optimal growth, leaders must not be afraid to walk through that door.

 

For help with the Challenges of Growing Your Business, contact me at mike@therevenuegroup.net.

 

Feel free to also visit our website to learn more about the services we offer to help you Position Your Potential: https://www.therevenuegroup.net/.

p.s.

I also invite you to download the white paper and learn the 5 step process on How to Quickly Increase Your Valuation: a Proven 5 Step Process. 

 

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