In business, things rarely stay the same for an extended period. Companies must be willing to change and adjust operations for various factors, from a decrease in economic resources to a shift in consumer demand and production process changes.
Change in business often means a company must engage in a process in which they alter their company for a structured purpose. Rather than making change just to do so, companies must have a plan for change that improves current processes or maximizes profit.
Change management can involve defining new business values or behaviors, generating an agreement to better meet the needs of stakeholders involved in the business or transitioning the company’s organizational structure to a different type to improve operations.
Companies may have an internal change management team for this process or hire an outside consultant to help. Hiring an outside individual or firm can bring an objective opinion to the situation and help smooth over any conflicts from the change.