Responsibility and The Business of Change

business of change Latin Business Today

5 business change components for which small business owners need to take responsibility.

 

Business owners must keep in mind five things in order to successfully implement change to their business’s processes and operations.

The business world is a fast-paced, radically evolving environment. Because of this, businesses must be able to easily change and adjust to new situations.

Small business owners shoulder the bulk of responsibility and pressure for the success of their business. The business of getting by day by day can sometimes occupy a lot of time and energy. While successful business owners are the usually sole drivers of change.

If any effective changes are to be made, it is up to the owner to be mindful and advised on how to approach change:

5 Considerations For Small Business Change

1.   Believe that a change must be made.

It is simply not enough for a business owner to “like” or “prefer” a change to be made; rather, it is significant for the owner to firmly deem a change to be necessary and essential for the business to successfully move forward.

2.   Believe that there can be a change.

No change can ever be made if the driver of the business is not motivated. It is important to believe that the business has the capability to improve. If the business owner lacks this confidence, then it will be difficult for a change to ever be made.

3.   Seek proper professionals and/or training to establish all necessary processes for the foundation of the business’s success.

Bringing about a change to a business is not an easy process. In most cases, it is advantageous to receive guidance on how to commence and follow through with the proper course of action. Consequently, the process of change will have been dealt with properly.

4.   Continuously review the established processes and make changes as necessary.

A business owner must first assess the process for change and affirm that it will improve the business’s current state.

When a company adopts a new change/process, it is possible for any aspect of the business to be affected. As a result, the business owner must be alert and responsive to any problems that the new process may bring about and be prepared to react accordingly.

5.   Take responsibility.

It is up to the business owner to act as the responsible party. No one else holds as much weight as the owner.

Ultimately, if the business fails, so does the owner. Without taking necessary care and control of the business, it is unlikely that anything will be accomplished.

Start Business Change Deliberately

In many cases, the change that a business undergoes takes place either at the beginning of the business year or at the end, during the year-end planning meeting.

During this meeting, the business owner and employees typically discuss marketing/sales, operations, and financial matters – the three foundations of a business that maximize cash flow. Of course the decision to make change can happen at anytime and should always be on the mind of a business leader.

Regardless when you find time to make change taking some concrete steps should lead the way.

The first step to making a change is deciding which aspect of the business needs to change. The next step would be for the business owner to facilitate the installation of this change with a simple approach requiring minimal effort.

Next- Small Business owners decide where change is most needed

Pages

About the author

Alex Hart

Alexander J. Hart of Cuban American decent is principal and founder of Hart Vida Raffo. With over 25 years of experience, Alex specializes in the areas of tax strategy and planning, business process improvement, and capital consulting. Whether advising on capital and financing strategy or consulting for privately-held professional services firms, Alex has the expertise and practical know-how to help any company optimize their business processes and make tactical financial decisions. He began his career at IBM in sales operations and accounting. He was a Controller for the N.Y. Post, has been a CFO for a medical device company, and has written a tax column called “Ask the Tax Guys” for Micro-Cap Review. Alex is a professional member of A.L.T.A. (Affiliated Lawyers of the Americas), a member of the National Association of Tax Preparers, and is a contributing author and mentor at Latin Business Today. Alex graduated from St. John’s University with a B.A. in Spanish and his M.B.A. in Finance. He obtained his accounting degree from Pace University.

Website