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Home»Entrepreneur»Why embracing change increases business success
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Why embracing change increases business success

The Elite Times TeamBy The Elite Times TeamDecember 29, 2023No Comments5 Mins Read
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The opinions expressed by Entrepreneur contributors are their own.

In case you haven’t noticed, the industry and the world at large has been going through some pretty big changes lately. In particular, innovations in artificial intelligence, large-scale changes in the employment sector, and the continued movement towards sustainability are all impacting the way our companies operate and grow. And I’m not just referring to large companies. Even small organizations are changing their definition of business as usual. Because if you don’t want this to happen, your very existence may ultimately be threatened.

This is not just rhetoric. Refusal or resistance to change can have devastating effects on both businesses and individuals. Perhaps the best illustration of this is a cover story published in Fast Company magazine about 20 years ago titled “Change or Die.” This article is a transcript of his 2004 IBM conference speech by Dr. Edward Miller, then his CEO and medical director at Johns Hopkins University.

Miller seemed to shock the audience when he talked about how many heart patients have a destructive resistance to change. He argued that although nearly 2 million bypass surgeries and angioplasties are performed in the United States each year, lifespans are rarely significantly extended. Half of the bypasses clog again within a few years, and angioplasties fail after just a few months, Miller said. why? He explained that even though the surgery was traumatic and expensive, and the stakes were extraordinarily high, many post-surgery heart patients refused to change their unhealthy lifestyle habits.

“When you look at people after coronary artery bypass grafting two years later, 90% haven’t changed their lifestyle. And that’s been studied over and over again,” Miller said. “You know you have a very bad disease, you know you should change your lifestyle, but for some reason you just can’t.”

Miller’s insight is surprising, but honestly not surprising. Change can be very difficult, even in the most critical situations.

So what separates those who are able to make healthy, positive changes in their lives and businesses from those who are not? The answer may surprise you.

Related: Why employee accountability is a goal for every business’s success

A real catalyst for change

Many people fear change. Or, at least, they fight tooth and nail. According to noted author and Harvard Business School professor John P. Kotter, this resistance is usually caused by fear of losing something of value, a misunderstanding of change and its impact, and a belief that change will not happen. This is due to one of four factors: Meaningful, or just an overall low tolerance for change.

Kotter raised that the ability to adapt is not only based on creating the right strategies, structures, culture and systems. Instead, he proposed that successful change is more specifically based on: Focus on behavior and change behavior. We all know this is not as easy as it seems, but there is hope. Kotter explained that the key to changing behavior for yourself, your leadership team, and your organization is to connect the desired outcome to each participant’s emotions. The concept is fairly simple. Emotional support and connection inspire transformative behavior in nearly everyone.

bring change to your business

Let’s talk about your business. Ultimately, successful organizational change starts with properly framing the problem in a way that connects you and your team and motivates everyone on a psychological level. Messages about change need to be positive. It needs to be inspirational and it needs to resonate. It is also important that appropriate support structures are provided to those involved when the need for change arises. Change is much more likely to be successful when people are surrounded by constructive feedback, encouragement, and camaraderie from others, rather than simply forced behavior.

Related: 15 strategies to help leaders overcome resistance to change

power of friends

As an entrepreneur, there is no doubt that the ability to change and adapt is the most important factor for long-term success. A stagnant business simply cannot thrive, grow, or survive (like a heart patient who refuses to change his habits). Ask yourself how open you are to change yourself, your processes, and your organization as a whole.

Now is the time to evolve as a business owner. Start with an unwavering desire for continuous improvement. The next step is to find people and groups who have that emotional connection and support you on your transformation journey. For business leaders, these relationships often exist outside of their companies in the form of peer advisory boards or mastermind groups. Peer advisory boards provide business owners with the necessary support and emotional connection that acts as a catalyst for progress and innovation.

As the president and CEO of an organization like this, I see the transformative power of connection all the time. It’s truly amazing to see what can happen between owners and management teams who care about each other’s well-being and respect, support, and uplift each other on the path to change.

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