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Change: The Power to Grow

Change: The Power to Grow
Employee Emeritus Employee Emeritus ‎08-13-2015 11:17 AM

Change- The Power to Grow.jpg

Change. Those six little letters hold great power. Change is the booster engine in a business life cycle. It has the power to create positive results for a business including innovation, growth, cost reductions, improved customer loyalty, and greater employee morale.

 

So, why do business owners sometimes resist change?

 

Sometimes “staying the course” is more comfortable since shifting the course sometimes represents the unknown; however, change is the catalyst for future growth and can create great results.

 

Change is an opportunity:

 

When presented with change, be responsive and adaptive. View change as an opportunity to grow your business, your team and to learn and grow.

 

Look for opportunities to maximize change. If you find that you have a great, creative idea that can potentially grow your business, execute your initiatives to separate you from your competitors. If macro business trends are changing around you, and you are using old technology or a process/product that may become outdated, it is probably time to consider a change.

 

Opportunities for change present themselves often, so look for the ones with the greatest potential to grow your business.

 

How to Positively Incorporate Change

 

Change can be the best thing that ever happened to a business. Change can create innovation and move your business to a new place. 

The easiest way to incorporate change is simply to focus on the positive outcome the change will create. Focusing on the positive will decrease stress and increase your desire to innovate and grow your business.

A small shift in thinking, attitude and actions can create positive results for small businesses. 


For example:

  • Incorporating new supply chain technology innovation has resulted in reduced time between order and delivery of finished goods, reduced inventory of finished goods and better management of on-hand components (e.g. online ordering, just-in-time fulfillment, advanced ordering for food delivery, etc.). Small businesses can adapt supply chain innovation to reduce costs. It is often useful to watch changes at large corporations like Wal-Mart to model adjustments for your small business.
  • Creating custom products for specific users have created a more loyal consumer base for companies like eyewear manufacturer Warby Parker. Warby Parker sells online, utilizes buses with sample inventory that travel to key cities, and has a limited number of showrooms. By designing glasses in-house and avoiding the overhead of physical stores, the company is able to lower the cost of its glasses. The consumer feels like their glasses are custom-designed at a fair price. This company has embraced the consumer’s new acceptance of shopping in non-traditional ways for traditional items. So, if you are thinking of new ways to sell your products, consider non-traditional ways to create, advertise and distribute your product or service.
  • On-line business models have changed the way some small business consumers shop and the way that small businesses reach their consumers. No longer are curators of original products and product resellers limited to shops on Main Street, they are now able to take advantage of the opportunity to change and sell their products on sites like Ebay and Etsy. So, consider new ways to sell your products via the internet.

 

Find Ways That Your Business Can Change

 

Find needs that your consumers have that are not currently being met, create solutions to meet their needs better, and then incorporate those changes in your business. To help determine what you may need to change, talk to your customers and get their insight around these questions:

 

  • Is there something I could change that would make you (my customers) happier?
  • Is there something I could do to improve my products and/or services?
  • Is there a way that you (my customers) would be more loyal to my products and/or services such that you would never think about buying from my competitor?

One or two of those questions may result in an answer that you could use to strengthen your business.

 

Look Around and Embrace Change

 

Ideas are always out there to help you grow and change your business. Other resources to consider include: Encore: www.encore.com, U.S. Small Business Assocation: www.ussba.gov, and the National Assocation for the Self-employed: www.nase.org.

 

Now, what could you change in the immediate future to grow your business?

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Contact the editor: tumara.r.jordan@verizon.com