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The pendulum of Change In the New Economy

The pendulum of Change In the New Economy

During this economic downturn, it’s hard to concentrate on change initiatives, however, the fact of the matter is companies and people are changing every day.

The change I am talking about is the type your company needs as a way to sustain its competitive edge and growth if the economic pendulum swings back the opposite way. The economy will turn around yet it’s the business that’s prepared for the change that will be one of the leaders inside the new economy.

Some companies are performing well in the current economic decline. But why are they so successful?

Five reasons come to mind:

I. They recognized change was the lifeblood of these organizations.

II. They embraced change making sure their people did too.

III. Their products and quality evolved and held it to a higher standard.

IV. They made the tough decisions, in the beginning, to get efficient and eliminate waste. (money, resources)

V. They have a strong and complementary corporate culture. One that fostered and encouraged promotions from inside, ideas and suggestions from your bottom-up, and recognized and rewarded great.

What can companies caused by positioning themselves for that pendulum of change within the new economy?

Emulate: Copy through successful firms. It may require swallowing your pride, nonetheless, it beats closing the doors.

Change the Corporate Culture: Terrance Deal and Allan Kennedy suggest five factors behind culture change:

  1. The companies’ strong values are obsolete for your changing environment.
  2. The industry is very competitive and changes very rapidly.
  3. The company is mediocre or worse.
  4. The company will join the ranks of the larger firms.
  5. The company is small but growing rapidly.

Set Goals: More difficult the goals, better the performance. Goals are just effective when they are difficult and challenging.

Motivate and Train Managers: mangers should try to learn how to recognize and expect excellence from their employees.

Fear of the Unknown: Don’t fear the unknown! Take alternation in small incremental steps. As you will get the success you will get momentum.

The five steps are just a primer so when a company you must be focused on change and success, after all, it’s for your survival.