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Study Notes

Value of Change

A-Level, IB, BTEC National
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 6 Aug 2019

In order to survive and thrive, every business has to embrace change. So, whilst change is often seen as a challenge to be overcome, an alternative perspective sees change as an opportunity.

Sir Richard Branson wrote this about the need for businesses to embrace change:

"Every success story is a tale of constant adaption, revision and change. A company that stands still will soon be forgotten.”

And Jack Welch, the entrepreneur behind the giant GE conglomerate warned business leaders of the strategic need to be positive about change:

“Change before you have to.”

So, whilst change is often viewed with concern by those affected, it is an essential part of business life. The external environment, in particular, is constantly changing, which makes change a constant too! All successful businesses look to make internal change a part of the way they operate.

Benefits of Change for a Business

Successful change can help a business:

  • Sustain a competitive advantage
  • Align its business strategy with changing customer needs & wants
  • Take advantage of developing technologies
  • Gain from improved productivity and a better work environment
  • Develop a more appropriate and effective organisational structure = better communication and decision-making
  • Build a reputation for embracing change rather than fearing it - e.g. being seen to be leading change through product and process innovation

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