Are you ready for the year ahead? With ongoing changes to our business models throughout 2022, it’s going to be challenging. After two years of pandemic pain for many businesses, we all want to see the end of disruptions so that we can get on with business. It has been predicted that there is a skill shortage and that 40% of staff will change jobs in the year ahead. As we prepare for the challenges ahead, many companies will review their structure and look at the benefits of creating more change to survive and thrive in 2022.
Last year, some companies made good profits, but for many businesses, it was a painful struggle, especially with very little federal government support. Many companies will go into 2022 needing to regroup the lost revenue to trade out the past 12 months/2 years. As we embrace 2022, the year ahead is all about making money and building a sustainable business again with some rewards.
The year ahead is all about change and growth. We need to be resilient and look at the benefits of change. You need to have the right team, offer great products and services, give your current and potential customers good value, have a good marketing strategy, and, most importantly, not be complacent. Our recommendation is to be well planned and organised where your team is 100% on board to deliver on your business strategy with clear goals and objectives.
We know that many companies will go into 2022 looking at their internal structures, and most will redesign or refresh for what is best for the business, creating a changed management process that will get things moving. With business owners having some time off, they will return refreshed and ready to go with a plan of attack. It is important that you don’t create too much change too quickly where everything is reactive, and you’re on the back foot in getting your business going again.
One of the struggles with change is getting everyone in your company on board and being 100% committed to supporting the changes. Some people hate change, and sometimes when a company needs to change quickly to benefit its future, they are met with resistance, then acceptance, and then either disengagement or complacency. This can be difficult for many companies, especially if you have leaders in your business that don’t embrace the change needed.
Below are some of our recommendations for change:
- Work out what needs to change and have a good reason for creating change. Most of the time, the reason is financial, but make sure this is communicated well with a plan to take a few steps back to move forward again.
- Look at refining your products and services, offering better value, or systems and processes that will get your company to bounce back and be more effective and efficient for your team and clientele.
- Review your staff’s capability. If you are going to create change, look at everyone’s skillsets and abilities. Do they need to be re-trained, cross-trained, or do they need professional training to take your company to the next level?
- If you are going to make changes such as staff terminations or redundancies, then seek professional help and support, so it does not become costly with unfair dismissals or adverse action claims.
- Review your business structure, re-create, or update your strategic plan so you can demonstrate to all staff that you have a plan for 2022 and beyond. When you communicate updated changes to your team, you can refer back and highlight the key elements and the pathway to move forward.
- We recommend that you follow through by re-inducting your staff with a plan to re-training your team on the improvements needed.
- As you go through this process, always remember to follow up on the team’s progression and highlight those milestone achievements along the way with good recognition and praise.
Creating change in a company is not easy, and it takes time. We see many companies create change within their business too quickly with high expectations, and then things go from bad to worse both financially and within your team. You need to do what is right for your business. Just ensure you do it the right way, so it does not create massive disruption.
Creating change is always about improving financial outcomes, and it is an emotional roller coaster for the business owner/s in so many ways. If you are struggling or need help, engage a team of professionals that can help you build/rebuild your business. Let them help you deal with the emotions and, more importantly, deal with some of the HR/IR Compliance if you need to move people on.
- Please see our latest FREE 10 Step Checklist on ‘How to Create Change Management in Your Company’: Change Management
At KBA we are a team that is very passionate about taking businesses from good to great. If you need help on Change Management, Business Strategy & Growth, People & Culture, HR Advice or Support, or Staff Training of Leadership, Management, or Sales Training, then contact us today as we are here to help!
If you would like help or want to know more about our services, please contact us at Key Business Advisors on 1300 4 ADVICE