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Planning for change

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Planning for change

Recent months have seen significant changes to the UK's economic landscape. While the exact impact of Brexit remains to be seen, change is an inevitable part of business and it's essential to be able to adapt to whatever may be around the corner.

All businesses are subject to change, whether this is due to internal factors such as launching a new product, or external factors, including the emergence of new technologies or competitors.

Planning ahead

Forward planning is key to managing change. You will need to work to identify where changes need to be made, and allow sufficient time to test any plans. Now is the time to review your short, medium and long-term objectives in line with the 'SWOT' principles - identifying any strengths, weaknesses, opportunities and threats.

Action points

  • Review and update your business plan
  • Plan for where you see your business in one, two and five years' time
  • Look at what your competitors are doing
  • Set up key performance indicators (e.g. sales, staffing)
  • Draw up a specific timetable for action
  • Measure your performance against your targets

Responding to change

Change brings with it both challenges and opportunities. It may be that your business needs to reconsider its existing offering, whether this means modifying products or services or approaching entirely different markets. You may also wish to consider partnering with another business.