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4 Stages of the Business Lifecycle
Seed/Start-up, Growth, Maturity, Post Maturity
Lewin's Model and Kotter's 8-step Model
A process where a business goes from one state to a desired state
What are the 2 opposing forces in Lewin's Forcefield Analysis
Driving forces, resisting forces
Management style when 1 person is in charge with no input from stakeholders
Decline, Steady State, Renewal
Name 3 steps of Lewin's Change Model
Unfreeze, Change, Refreeze
Why is it important for businesses to change?
Change is unavoidable, not changing will means a business will become irrelevant and lose revenue.
Explain purpose of Lewin's Forcefield Analysis
FFA analyses the forces that will drive, and the forces that will resist, a proposed change. The FFA will then reveal which force has more weight.
What are the 5 management styles
autocratic, persuasive, consultative, participative, laizzes-faire
State the high risk and low risk strategies for overcoming resistance to change
communication, participation, negotiation (low risk), manipulation, or threat (high risk).
Communicate the vision
Why is it important to have a vision for change?
A vision for change gives a clear idea of what a business will look like after transformation.
What should a business do if resisting forces are greater than driving forces?
The business will need to weaken resisting forces or strengthen driving forces in order to change
Explain redudancy
Challenges of a business in post maturity
Hostile competition, price matching, market saturation, changing consumer tastes, increasing overhead costs
Difference between Lewin's model and Kotter's model
Lewin's focusses on the outcome, Kotter's focusses on the process with emphasis on communication, stakeholder involvement and incentives
Explain strategic planning for change
Strategic planning for change is the ‘how’ of the change. The 3 aspects are content, process and people.
State 3 external operating factors that can be drivers of change
Competition, management styles, corporate culture, organisational structure (any 3)
How can KPIs help a business achieve its strategic goals?
KPIs assist a business to achieve its strategic goals by identifying areas of weakness, creating plans for improvement and measuring outcomes.
Explain what may happen if a business does not renew
What happens if a business does not follow step 8 of Kotter's Change Management?
The business may return to old ways and habits, as staff will fall back on previous processes while others may use new processes, resulting in inconsistencies and conflict.
Explain the role of consultancies in business transfomation
Consultants provide advice on specific areas of a business. They are external to the business and are experts in change.
Explain how a negative corporate culture can be a driver of change
A negative corporate culture can encourage a business to renew due to the staff feeling unmotivated or dissatisfied, impacting performance of business and thus revenue
The 4 steps of the performance management cycle
Set objectives, measure performance, give feedback, identify needs