by Anne Bachrach (USA)
As an entrepreneur, chances are good that you are somewhat comfortable with change. It is frankly difficult to succeed in business otherwise, given that words like ‘nimble’ and ‘agile’ are frequently associated with successful businesses these days. Thanks to technology, the pace of change is ever accelerating, and in many industries is not merely changing how business gets done but actually determining what business models will survive.
Consider the changes that just a decade can bring. In 1999, Viacom mounted an IPO for Blockbuster Video that valued the company at $4.8 billion. Meanwhile, the year before, Reed Hastings had founded a little company called Netflix, inspired at least in part by a $40 late fee incurred at a Blockbuster store. By 2003, Netflix posted its first profit ($6.5 million on revenues of $272 million) while Blockbuster posted a $1.6 billion loss for fiscal 2002. By 2010, Blockbuster had filed for Chapter 11 protection, leading the video rental store concept down the path to extinction, while the passage of another decade saw Netflix earning FY19 revenue of $18.876 billion.
While you as a leader may be comfortable with change, however, not every member of your team is likely to be so optimistic or positive. One of your crucial functions as a leader is to manage change within the organisation, from the standpoints of both guiding the process and preparing your people. Let us examine how to execute those tasks effectively.
About Anne M. Bachrach
Anne Bachrach is known as The Accountability Coach™. She has over 23 years of experience training and coaching. Business owners and entrepreneurs who utilise Anne’s proven systems and processes work less, make more money, and have a more balanced and successful life. Anne is the author of the books, Excuses Don’t Count; Results Rule!, and Live Life with No Regrets; How the Choices We Make Impact Our Lives, No Excuses!, and The Work Life Balance Emergency Kit. Go to https://www.accountabilitycoach.com/Landing/ and get 3 FREE gifts including a special report on 10 Power Tips for Getting Focused, Organised, and Achieving Your Goals Now. Join the FREE Silver Inner Circle Membership today and receive 10% off on all products and services, in addition to having access to assessments and high-content resources to help you achieve your goals so you can experience a more balanced and successful life.