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Flashcards in business change Deck (3)
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1

defintion

is taking an existing business and altering it in some way to form a new or different business in response to internal or external pressures. Business change is inevitable due to constantly changing environments and businesses must change in order to stay competitive. changes can be incremental or transformational

2

change management definition

is a structured and planned approach to change within a business that moves it from its current state to its desired state in order to achieve its objectives. Has to be at an even pace so business has time to adapt. must consider all implications on internal and external stakeholders. Poorly managed change can result in employee resistance, tension, anxiety, lost productivity and unmet objectives.
change management is proactive rather than reactive to gain a competitive advantage

3

importance of change management

change can cause fear and anxiety for different stakeholders so its important to be managed so that it maximises the chance of succesful implementation and long term success.