When is the Time Right for Change?
A reader of my newsletter recently reached out to me and asked “when is the time right for change?”. Of course I needed to follow up to get more details about the dilemma he was facing. This business owner has big dreams for his company and is perfectly positioned to make it happen. Although he identifies his next steps correctly, he pushes out implementation until the company reaches the next milestone. Problem is, each time he reaches a milestone, he pushes it out again until the next milestone. Here is where our backward thinking can sometimes get in the way of our growth.
The critical element this reader did not consider is that his next step would actually take him beyond his checklist of milestones while positively impacting his brand, wholesale distribution opportunities, and franchising - all of which are part of his growth plan. This one simple change would escalate his business financially allowing him to focus on the areas he would rather pay more attention to instead of being operationally “on the floor”.
These steps should help you determine the priority of change:
The Question. If you are asking yourself, when is the time right for change - the answer is: yesterday.
Impact Analysis. Each modality of change and growth should be fully analyzed for it’s impact to the company. The modality with the greatest impact (i.e., areas affected, multiple avenues of growth, recurring revenue, branding/socialization/education, etc.) should be the primary implementation. Why? These things take time to build, so while it is building you can be implementing other changes internally.
Resources. Assess whether or not you have access to the required resources and if you do not, start locating resources to estimate cost, timing, and specs.
Funding. You may never have enough money sitting around to make the change happen, so you need to move things around to make room in the budget for the change. If you really want it, you can find ways to make it happen.
Buy-in. Does your team understand the strategy and how they participate in the change? You need to ensure you have buy-in from your team, including vendors, if you want the implementation to move swiftly and the change to be perceived with a proactive and positive approach. The level of productivity in a team that understands and believes in a change process is much higher and more efficient than a team that does not.
When is the time right for change? Now.
April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.
Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency. Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.
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