Under new management. You’ve seen the sign in the window of a store or in an ad. It is often thought of as a signal of better things ahead.
Under new management. A new owner bought an established firm. Like many small businesses, it wasn’t a perfect business. It was, however, a good business. Otherwise, why would he have bought it?
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Hear George & Mary-Lynn discuss today's topic on The Bigg Success Show! Click the purple player to listen while you read: Play Now | Play in Popup | Download___
Under new management. The new owner wanted to put his stamp on his newly purchased firm. He changed the logo of the business.
Under new management. The new owner changed the employees. The employees just didn’t do things the way the new owner wanted them done. He put his own people in place.
Under new management. The new owner threw out the systems and replaced them with his own. The old systems were out of date or unnecessary. He had his own ideas about how to structure the business.
Under new management. The new owner changed the name of the business because he noticed some complaints about the business. He wanted a fresh start.
Under new management. Employees left.
Under new management. Customers left.
Under new management. The business failed.
The new owner didn’t understand why. He blamed the economy. He blamed the old owner. He blamed circumstances. He blamed everybody but himself.
Change creates opportunity
If it ain’t broke, don’t fix it. That’s what you may be thinking about our little story here. Sometimes, though, it’s hard to determine exactly what’s broke and what’s not.
Entrepreneuring has been described as the science of change. One thing that entrepreneurs recognize, explicitly or implicitly, is that change creates opportunity.
Fortunately for entrepreneurs, change these days happens frequently and quickly. Change is good but there’s another side to it.
The trick to keeping customers and employees
Because there is so much change constantly hitting us in the face, customers AND employees crave stability.
Create stability in their lives and they will be stick with you. If you change too much too quickly, you’ll lose customers and employees.
The two step
First meet their expectations by consistently delivering upon your promises. Then, and only then, can change enter the picture. Work to exceed their expectations by making changes incrementally.
Don’t just change for the sake of changing. Lead your customers and employees through productive changes for your bigg success!
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