The change management skills every business owner needs

There’s a reason an agile body and mind are so highly prized in competitive sports. Being able to change direction quickly and make good decisions lightning-fast and under pressure allows athletes to capitalise on unexpected opportunities. And, in doing so, to outsmart and outperform their opponents. 

Of course, adaptability and responsiveness are just as much of an asset in business, and for similar reasons. They help you recover from setbacks and adopt new ideas, technology, systems and processes faster and more effectively. They drive innovation, efficiency and productivity gains, boost your competitive advantage, and increase resilience. 

This article complements a recent SmartCompany vodcast and eBook, which delve into the why and how of change management. If you haven’t already, it’s highly worthwhile checking them out for a deep-dive into this very important topic. 

In the meantime, here are some bonus insights from the vodcast panellists Rebecca Warren, Executive GM for Small Business at CommBank, Jane Robertson, founder of Millwoods Shoes, and Cam Grant, founder of Unyoked.

Switch to Australia’s most recommended major business bank today.

Let your mission and values be your compass in change

Millwoods Shoes originally started out as a children’s brand, but when Robertson found out that women were clamouring for the same comfy, stylish and durable footwear their kids were getting, she decided to introduce a line for adults. 

Robertson’s new range got a huge and unexpected boost from her participation in the Buy from the Bush Campaign. However, it was her commitment to quality that really set it up for success.

“I want to tell you that it was because I had an actionable plan, but sometimes opportunities just come up, and you just have to make it work,” she says. “I had built a really good product, and quality is really important to me, and I think our customer base knew that. 

“When we said we were going to the market, their feelers went out. That’s when those key elements that I really have built our shoes around helped us.”

Make it an on-going commitment

Grant’s business Unyoked rents out off-the-grid cabins just outside major cities, where people can go to enjoy the mental health benefits of immersing themselves in nature. It started in 2017 with two cabins, and now has 100 across three different countries, and there are no plans of slowing down anytime soon.

In the years since its launch, Unyoked has had to tackle its fair share of challenges and change—including the pandemic, bushfires, mouse plagues, and snake plagues. 

“Change is to do with understanding what you can control and what you can’t control,” Grant says. “As a startup, that second list is generally a lot longer than the first… [and] if you’re not expecting change and adaptable to it, you are not going to make it through.” 

From day one, he has worked hard to intentionally build a culture that embraces and drives change. So, every week, he pulls his team into a pain-point analysis meeting, where they map out: 

• Where are the pain points? 
• What’s the current state of play? 
• What does the future look like? 
• Where do they want to get to? 
• Where are the roadblocks that are holding them back? 

“We’re constantly iterating on things because we know that the state of today is not where we’ll be tomorrow,” Grant says. “I think that planning and that desire to keep improving, that’s what makes us adaptable when things happen to us as well. [It’s] that same mindset of stepping back, seeing the big picture, moving some blocks around, and being like: ‘Okay, there’s the vision… How can we be flexible on the details to get there?’”

Be proactive 

Warren explains that there is a big difference between reactive and proactive change management, pointing to COVID-19 as a perfect example of the former. 

“If you think about change in that context, it was reactive, not proactive, [in that people] didn’t have a choice,” she says. “Businesses had to change overnight from having staff and customers that could come to them, to basically [being] in shutdown mode.”

An ability to roll with the punches is obviously very important. However, your organisation will really benefit in an on-going way by being proactive about change. 

“When we see businesses really thrive, they’re proactive, choosing to change, and adapt, and be flexible and nimble to consumer changes, or economic changes,” Warren says. 

She advises business owners to consciously cultivate adaptability and resilience, as she believes these are the two most important skills needed to successfully navigate change. 

It’s about “ensuring that you’ve got the courage and conviction when you need it,” she emphasises, as well as having the emotional intelligence to be able to steady yourself, calm your nerves, and think reflectively.

Read now: Empowering staff supports sound change management

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article. Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australian Credit Licence 234945.