In the business world, change is an inevitability. Without it, we would likely not have many of the goods and services we enjoy today. You can only imagine what commerce would be like if there was never any invention, innovation, and ingenuity. We would still be stuck with the wheel, candles, and horse carriages – and is that much of an existence compared to what we have today?
Every company needs to undergo a series of changes, even if they are already successful.
Disney is a fine example of this. Sure, it was a successful brand, but then it enhanced its bottom line by acquiring a whole host of properties, such as “Star Wars,” 21st Century Fox assets, ESPN, and Pixar. Not only did it buy up well-known brands, it conducted multiple structural modifications, from the man at the top to the everyday workplace culture.
But, for every small- and medium-sized enterprise (SME) that doesn’t generate billions of dollars in revenues and profits each year, what type of internal changes can businesses implement to improve operations, boost business, and pad the bottom line.
Here are the seven types of organizational change for small business:
1. Human Resources
Corporations are people, my friend.
In a way, this is correct. Because the company is comprised of human workers, the business lives and dies based on its human capital. From Jeff in accounting to Graham in marketing to James in legal, you might need to change the makeup of your workforce to exact change and improve the business.
Whether it is restructuring the workforce or hiring/firing employees, you may need to put the spotlight on human resources when you’re on the path of organizational change.
2. Corporate Structure
Businesses have their mission statements, objectives, and business models. Moreover, each department, team, and individual have their own roles and responsibilities to help achieve these mission statements, objectives, and business models.
When your business first opens, you will have these already outlined. But, as time goes by, you will need to regularly review these aspects and determine if they are working out, if they are suitable for today’s market conditions, and if they need to either be updated or eliminated.
3. Workplace Culture
What is your workplace culture? In today’s environment, where millennials and generation Zers are overtaking the talent pool and offices all over the world, it can be difficult to establish the best one-size-fits all culture. That said, you can do your best by enacting working habits, corporate symbols, social norms, expectations and principles of the company.
As you will soon find out, the culture is critical to accomplishing your productivity, innovation, and compliance goals. If you find that you’re unable to achieve these aims, then it’s important to assess your strategies and find out if your culture is the right one.
Let’s be candid: The infrastructure inside many offices is outdated. Put simply, if your workplace is relying on Windows XP, rotary phones, and heavy computer monitors, then it is time for change.
You will ultimately learn that organizational change might begin with information technology (IT). Many workers may be frustrated by how slow the computer systems are or clients may not have confidence in your firm because of how old your equipment is.
There are so many clichés in the business world, from streamlining operations to having plenty of paradigm in the day-to-day workplace. But these tropes have some truth in them.
Your processes need an overhaul, even if they are generally working out. And, like the infrastructure, giving your process another look is one of the most common ways companies adapt to modern times.
It may be too slow, outdated, or unsuccessful. In that case, it would be an opportunity to modify your processes, whether it is going mobile or heading to the cloud.
The economy may be booming, but that doesn’t mean every company is thriving, though they are surviving. As a result, they are downsizing and finding new ways to get rid of debt, boost revenues, and see operational profit in the next five to 10 years. Downsizing is quite common when firms have exhausted all possibilities and need to trim the fat. Can you?
7. M&A Change
Next to downsizing, mergers and acquisitions (M&A) are ubiquitous. It is a unique market that is increasing the size of well-known companies. When a merger happens, then both sides attempt to prevent doubling positions and doubling operations, coalescing everything into one. It makes sense, but it is also the synergy creates havoc.
Every firm will have its peaks and valleys, ebbs and flows. For businesses, it was the best of times and it was the worst of times. But you can have more good than bad if you implement and experiment any of the aforementioned recommendations. As the iconic line from “Glengarry Glenn Ross” goes: “Coffee is for closers.” Are you a mover, shaker, and closer? Let’s hope so – for your company’s sake.