A Guide for the Shifting Business
Write up by Katie McBeth and infographic provided by Maryville University Online MBA Program
Our world is constantly changing, and businesses are not immune to these shifts in ideas or technologies. Sometimes the changes are gradual, and can be implemented over time. Other times these shifts are abrupt, and – if not handled properly – can be catastrophic.
However they happen, changes are inevitable, and it is up to the leaders of every business to navigate through change without causing serious harm to their business.
You may be thinking change is easy to adjust to, but there are many wrong paths a manager can take. Knowing when to change is only the beginning of the battle; the how can be the most challenging part.
Leaders must ensure that their team can make the transition. When change happens and employees are not given the space or voice to discuss their concerns, then stress can build and employee turnover will increase. When you’re a small business with less than 100 employees, high turnover can result in profit loss and ultimately failure of the business.
Although it’s tricky to keep every employee up-to-date on transitions in the business, transparency is vital. Allow employees to give voice to their concerns, and invest in their development throughout the change. Give them the space and time to learn the new method of business, and you will no doubt come out better in the end.
Maryville University’s Online MBA program compiled an educational infographic covering the when, why, and how of organizational change. They also have compiled a short list of businesses that have failed change due to timing or lack of employee investment. Learn from the mistakes of these businesses, and ensure that whatever change happens at your business happens with the support and trust of your entire team.
Katie McBeth is a writer at Aepiphanni, a small business operations and strategy consultancy that exists to help small business owners CREATE | DESIGN | BUILD extraordinary businesses. Katie is a freelance writer out of Boise, ID, with experience in marketing for small businesses and management. She specializes in millennial engagement, and has been published in Fortune Magazine. You can follow her animal and writing adventures on Instagram or Twitter: @ktmcbeth.
We would love to hear from you. Please share your thoughts and comments below. If you are seeking advice on how to grow your business, streamline systems and processes, implement software or overcoming challenges to growth, please contact us, directly or submit a request for a complimentary Coffee & a Consult to learn how we can help you CREATE | DESIGN | BUILD an extraordinary company.
Human resources can be the biggest operating expense for many businesses. A typical profitable company spends about 15 to 30 percent of its gross revenue on payroll, a number that can rise to 50 percent in service industries, according to Second Wind Consultants. This includes money spent on salaries as well as insurance benefits, retirement benefits and taxes. When these expenses are factored in, the average employee costs 18 to 26 percent more than their base salary, so that a worker who earns $70,000 a year might actually end up costing his or her employer $88,000, explains CNN Money. Fortunately, technological advances are providing ways for businesses to increase their efficiency in ways that save time and reduce the costs of human resources. Here are three ways technology is helping companies cut their HR expenses.
How BMS software can be a vital tool in organizational effectiveness
In the manufacturing sector and in many large businesses, tools abound for helping businesses run better. By better, we are looking at the ability to avoid double steps, maximizing the use of resources, reducing the number of steps and costs with processes and perhaps creating a track record of activities that happen in and around the business. To what end?
The simple answer is cost savings. These software solutions are enablers; they enable the business to do more with less.
If you recall, when Steve Jobs introduced the iPhone in 2007, he spoke about it in terms of being able to do more with less. He talked about how technology has changed the way that people do things, beginning with the Mac, the iPod and rounding out with the iPhone – the device that combined the phone, access to the internet and iPod – an enabler – “revolutionary” as he called it.
How to plan for and manage unexpected challenges you face in business
You have probably been to a restaurant when it is extremely business, with people waiting out the door, slow service and very busy servers. You’ve probably been stuck in traffic at rush hour or when a big event is coming to town. You may have waited in long lines for a movie or for a ride at an amusement park or some of their place where you probably thought or said to yourself that they probably need more people or could use more space.
While you might understand or be patient if it happens once or twice, you will probably find alternatives – be it alternative locations if they are available, or available times if the issue seems to be a timing issue. In either case, you are thinking about the cost to switch or select a different option. If it is a restaurant, it may be fairly easy to find another restaurant or movie theatre, making the switching cost low. If it is an amusement park or a road, the switching cost might be higher – you may have to travel a great distance (cost) to avoid the lines or to get on open roads.