The Entrepreneurial Dash Episode 11 – Managing Change
Managing change is the key to success in business. For the past few years, business needs to change quickly to survive. Most businesses are not ready for a quick change. Businesses are often slow to change. They don’t want to change, and they don’t expect to change. When they do eventually change, it’s usually too late. They don’t see the potential of change, or they underestimate it. They don’t think they can change quickly, and they don’t realize how important it is. And sometimes, they just don’t know how to change.
Managing quick change in business is the first thing to do for any business. It is the only way to survive in this competitive world. The best example of quick change is customer needs. The customer wants everything to be available at the click of a button. And that is exactly how online businesses are moving forward. For this purpose, online businesses are adopting the quick change strategy.
Managing quick change in business is not easy, but it is necessary. Businesses that hold on to the past are doomed to fail. The digital age has thrown us into a world of instant information, instant communication, and instant gratification. This has pushed businesses to compete in the marketplace with other businesses that are also trying to satisfy customers in an instant. While this may seem like it’s impossible, it’s not.
Businesses can, and should, adopt quick changes in business practices. So, what does a quick change in business look like? It means that businesses need to stop clinging to the past and get with the times. Businesses that don’t adopt quick changes in business practices will fall behind in the marketplace. They’ll lose customers to businesses that are willing to adapt to the changing times.
Businesses must be open to change and willing to respond quickly to changing times. Even an established brand can be disrupted by new products, services, or technologies that come into existence. For example, when Netflix launched, Blockbuster was the leading brand in video rental services.
But when Netflix started operating via the internet, Blockbuster failed to quickly respond to the change in the market. They were so used to the way they did business that when Netflix came in with a new way of doing business, they couldn’t change. They were unable to compete. Adapting and managing quickly to change allows businesses to build momentum in the market and take advantage of new opportunities. Not adapting to change quickly can cause businesses to fail.
The pace of change in the world of business is so fast that it can be hard to keep up with. When just trying to keep up with the changes in your own company, there may not be much time for forecasting how these changes could affect your business. That’s just one of the reasons why it’s important to adapt to change quickly. The good news is that quick change in business is something that can be learned.
- Ep16: Success & Failures
- Stock Markets Pt 1 – Episode 24
- Stock Markets Pt 2 – Episode 25
- Equity Investments Made Easy – Episode 26
- Ep13: Start-Ups
In this episode, Shailesh talks about how important it is for business owners to keep pace with the times and stay up to date with what’s happening around them. He points out some of the ever-changing dynamics of the current business environment and explains how not keeping an eye on these changes can be detrimental to your business model – especially in regards to digital media.
As Shailesh says, one thing he’ll be sure to cover is the “deconstruction of the business model” – which is something that’s invaluable to keeping a business going in today’s competitive environment. With this in mind, Shailesh will provide many insightful ideas for you to consider.
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