What are examples of things that cause change in a business?
-New management
-New suppliers
-Laws and legislation
-Poor business performance
What are possible effects of business change?
- Competitiveness > change is driven by the need to improve or maintain competitiveness
- Productivity > adoption of new technology or ways of working such as staff training or organisation structure
- Financial performance > profits, improving productivity and competitiveness should lead to increased revenue and ultimately profits
- Stakeholders > may withdraw their support/investment if they fear the change won’t be successful
What are key factors of change?
-Organisational change > strong cultures are harder to change
-Size of the organisation > change can be easier when the company is in a strong position
-Time/speed of the change > external factors
Why might employees resist change?
-Self interest > pay, current status
-Prefer present state
-Disagree and think it’s unnecessary
-Misunderstanding
What are approaches ti overcoming resistance to change?
-Education and communication
-Facilitate and support
-Participation and involvement
-Manipulation and co-option
-Negotiation and bargaining
-Explicit/implicit coercion
What is scenario planning?
The process of developing a view of alternative futures in order to craft a resilient strategy. This is a process of anticipating, not predicting
What may a business do when scenario planning?
- Identify possible trends and future issues
- Build possible scenarios
- Plan response
- Identify probability and most likely scenarios
- Put in a plan to deal with scenarios
How may businesses identify key risks?
-Use a risk assessment or contingency plan
-Adjust plans in order to minimise the risk
What are scenarios a business may plan for?
-Natural disasters
-IT system failure
-Loss of key staff
What is risk mitigation?
Identifying, assessing and prioritising risks, then implementing strategies to minimise their impact on the business
What is succession planning?
Training employees to take over key roles when people leave
What is business co
Planning and preparing to ensure that a company can continue operating during and after disruption
What are pros of scenario planning?
-Improved preparedness
-Enhanced flexibility
-Risk identification
-Informed decision making
What are cons of scenario planning?
-Time consuming
-Costly
-Uncertainty
-Overcomplication
-Limited scope
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1.1- meeting customer needs37
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1.2- the market16
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1.3- marketing mix55
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1.4- managing people86
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1.5- entrepreneurs and leaders35
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2.1- raising finance35
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2.2- financial planning content58
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2.2- financial planning formulas11
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2.3- managing finance content33
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2.3- managing finance formulas3
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2.4- resource management52
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2.5- external management58
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3.1- business objectives and strategy73
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3.2- business growth41
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3.3- decision making techniques47
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3.4- influences on business decisions77
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3.5- Assessing competitiveness17
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3.6- Managing Change14
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4.1- globalisation43
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4.2- global markets and business expansion19
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4.315
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4.4- Global Industries and MNCs13
