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Successful Entrepreneurs’ Secret Strategies to Maximize Benefits

Successful Entrepreneurs’ Secret Strategies to Maximize Benefits

Nearly three centuries ago, Benjamin Franklin made a profound statement that every entrepreneur should live by: “When you’re finished changing, you’re finished.”

This value in this quote didn’t pass with the late genius. In the 21st Century, his advice is more relevant than ever.

Change is an inevitable part of entrepreneurship. New demographic trends, technology and other changes are constantly shaping the future of your business.

Unfortunately, most companies fail to implement change. According to Tor Benrick, nearly three quarters of these efforts are unsuccessful.[1]

A number of factors contribute to these failures. Fortunately, you can execute change more effectively by choosing the right change management models.

Overview of Top Change Management Models

Many change management models have emerged over the years. They include:

  • The Unfreeze-Change-Refreeze Model. This model focuses on the fact that certain customs and processes are built into the organization. Before change can take place, the organization must open itself up to the concept of change.
  • Kotter’s 8-Step Model of Change. This model focuses on setting short-term goals and creating a sense of urgency to every member of the team.
  • Bridge’s Transitional Model. The Bridge’s Transitional Model focuses on the impact change and complacency have on the organization and individuals within it. While this model can’t be implemented on its own, it is a great complement to other change management models.
  • Prosci ADKAR Model. This is an incremental, individualized process that all employees must embrace. Each individual sets their own objectives to make change more flexible.
  • Virginia Satir Change Process. The Virginia Satir Change Process is a more holistic change management model that focuses on the impact on individuals and helps them welcome new change.

Each of these models has its own benefits and drawbacks. Organizations should be aware of all of them and use them to their fullest advantage.

Which Is Best for Your Company?

Several change management models have gained acceptance over the past century. While these models all serve important purposes, some are better suited for specific business goals.

It is important to understand the merits of different change management models and know when to apply them. Here is an overview of some of the most widely used.

1. Unfreeze-Change-Refreeze Model: Break Resistance

In the 1940s, German-American psychologist Kurt Lewin developed the Unfreeze-Change-Refreeze model,[2] which remains one of the most widely used change management models to this day.

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Lewin recognized that humans are ambivalent about change. They may recognize the benefits change brings, but fear of the unknown can halt efforts to execute change.

    When is it most effective?

    The Unfreeze-Change-Refreeze model focuses on breaking their resistance to change. In order to accomplish this, leaders must provide a motivation to venture out of their comfort zones. Tai Lopez [3] states that motivation can come in different forms: higher compensation, better working conditions and promise of future praise are all commonly used.

    Once employees are given the motivation to embrace change, the process can begin. After it is completed, the change is permanently accepted as part of the company structure.

    When is it less effective?

    Negative motivators are less effective, such as threats of termination for failing to accept change. However, there may be instances where fear needs to be used, such as dealing with particularly stubborn employees during a crisis. As a rule of thumb, positive motivational strategies should be used whenever possible.

    While the Unfreeze-Change-Refreeze model is undoubtedly effective, it has one key downside: it takes a long time to execute. Leaders need to gradually encourage employees to come around to the inevitable.

    2. Kotter’s 8-Step Model of Change: A Collaborative Effort

    John Paul Kotter, the Konosuke Matsushita Professor of Leadership, Emeritus, for the Harvard Business School, has been one of the leading organizational change researchers for 45 years. One of his most ground-breaking accomplishments was the development of Kotter’s 8-Step Model of Change.

    This model is more detailed than Lewin’s. It relies on the following steps:

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    • Communicating the urgent need for change
    • Developing the coalition to guide change
    • Formulating the vision
    • Communicating the vision
    • Empowering employees and delegating duties to execute change
    • Setting short-term goals
    • Consolidating gains and setting longer-term goals
    • Ingraining new changes into the company culture

      When is it most effective?

      For many organizations, the advantage this model has over the Unfreeze-Change-Refreeze model is that it makes change a collaborative process. For companies that strive to foster a sense of inclusiveness and mutual accountability, this is a better model.

      Alberto Irace, CEO of Acea, has heavily praised Kotter’s system.[4]

      These results and initiatives have an extraordinary and immense value, because it contributes not only to the spirit of the participants, but it also shows with evidence and tangible clarity that this dual system is for us reachable and doable and is dependent on the desire, curiosity, interest and passion that each of us can bring to his or her daily work.

      When is it less effective?

      However, it is still one of the top-down change management models, so it may not be participative enough for smaller companies. The nature of small companies which employees tend to take multiple responsibilities and are more familiar with the entire operation of the business renders the process of communicating the change and vision quite nonsense.

      3. Bridge’s Transitional Model: Let go, comply and accept

      Bridge’s Transitional Model focuses more heavily on the impact change and complacency have on the individuals within the company. While it isn’t a stand-alone model for driving change, it is a great tool to be used in conjunction with other models. The model is 3-stage which can be summarized by the diagram below:

        The first phase involves ending, losing and letting go. These happen when people are forced to experience a change unwillingly and to let go of something they have been comfortable with.

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        The second phase involves the neutral emotion. People at this stage are trying hard to cope with the change and cause some emotional ups and downs.

        The third phase involves a new beginning. At this stage, people have fully adapted to the changes and start developing skills around the change.

        When is it most effective?

        It requires entrepreneurs to get input from their employees through every stage of the process, thereby getting them to buy into it, so this model is ideal for smaller companies with more participative leadership styles.

        When is it less effective?

        As the focus of the model is on transition and how to cope with it smoothly, this model alone is ineffective in change management. Most usually, it is best employed with another change management to ensure the harmonious transition.

        4. Prosci ADKAR Model: Incremental steps-oriented

        The Prosci ADKAR Model is a goal-oriented approach to change-management. It requires businesses and individuals to setup incremental steps.

        One of the unique things about the Prosci ADKAR Model is the focus on individual change and organizational change. By helping individuals set their own goals, they can often foster change better. However, individual goals need to be sync with the direction of the company.

          When is it most effective?

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          The feature that it magnifies the potential pros and cons can be a confidence boost for employees to work harder for the change. While most companies fail their attempts to change due to their focus on the method employed, this model shifts the focus to maximize the contribution of employees.

          When is it less effective?

          While the model emphasizes the emotional aspect of human involvement in change, it actually doesn’t give a very concrete explanation on how to implement it. Also it mentions quite less about the actual management method.

          5. Virginia Satir Change Process: Embrace negativity

          Developed by a leading family therapy researcher, the Virginia Satir Change Process focuses on four stages:

          • Coming to terms with the problems of the status-quo
          • Recognizing the need to address new change into the process
          • Embracing chaos
          • Using chaos to inspire new ideas

            When is it most effective?

            The good thing about this model is that it forces people to embrace the stressfulness of change, rather than resisting it. Learning to properly handle the negativity can facilitate the change process.

            When is it less effective?

            Despite encouragement on the acceptance of the potential negative emotions arisen from changes, the model does not provide actual solution on how to deal with the problem.

            Review Your Business and Choose the One That Fits It Most

            Many different change management models have been developed over the years. They all have their benefits, but there are a variety of things you need to keep in mind before choosing one. The size of your company and the level of autonomy in your leadership style are the two biggest factors that need to be taken into consideration.

            Reference

            [1] Tor Benrick: Barriers to Organizational Change
            [2] MindTools: Lewin’s Change Management Model)
            [3] Linkedln: Tai Lopez
            [4] Kotter International: The 8-Step Process for Leading Change

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            Last Updated on September 24, 2020

            11 Things You Should Minimize for a Better Life

            11 Things You Should Minimize for a Better Life

            Ever heard the statement less is more? Is that a reality in your life or is that an area you are struggling with? Below are 11 different areas you can look at in your life to start to reduce as you focus on building a better life.

            Let’s get to it:

            Your Stuff

            I call it stuff vs possessions. Stuff is what adds clutter in your life. It could be shoes, curios from the cute store in your town or excess appliances you need to throw out but never do. What is it that is overtaking your house that if you moved away you wouldn’t need it at all? Plan a Sunday afternoon throw out session. If throwing out doesn’t sit right then give it away to goodwill.

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            Your Acquaintances

            How many people are you interacting with throughout the week that don’t leave you feeling good about yourself? Who inspires you? Spend time with those people. Too often we keep people in our lives that we are no longer a fit for. Having too many old acquaintances adds to the excess in your life. If the relationship isn’t a win-win for you both then take a step back and focus on those that do.

            Your Goals

            Motivated to write out your list of goal for the next month or 3 months? That is awesome. Just a few works of caution. Don’t write down too many. Often people write down over ten goals. The brain can only remember so much and the reality is you won’t get to them all. I suggest you look at your goals with the mindset of single digits. No more than ten, but ideally less than five. Keep the list focused and realistic.

            Your Commitments

            A new favorite buzz saying in the self-help world is “No is the new Yes”. Take a moment to think about that saying. If you started saying no more how would your week and life look? Would you have more time to commit to the important goals and people in your life? Start to practice saying No when a request comes your way that you don’t want to do. If that feels too harsh try responding with these words “Let me get back to you”. Go away and come back with a no when you are in stronger mindset to say that.

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            Your Multitasking

            I am giving you permission to stop multitasking. We used to be told that multitasking was a good practice. We look so busy and aren’t we getting a lot done? In fact, no. Multitasking isn’t possible with the way our brain is wired. We need to focus on one key thing and keep our attention on that item until it is complete.

            Your Newsfeed

            I consider all the information from the Internet that is being feed into our smartphone, laptop and brain as “the newsfeed.” It doesn’t add to having more knowledge, it adds to information overload. Build time in your day or week when you are completely offline. I recommend turning your wireless off or setting your smart phone to airplane mode.

            Your Cards

            Open up your wallet and take a look inside. What is in it? For most of us it is more than one store, charge or loyalty card. Too many cards add to extra spending, bills and lack of clarity of where our money goes. Look at what cards you truly need and use. Get rid of the rest (scissors work!).

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            Your Mail

            Both the old style (postal) and your email inbox are areas to minimize. Look at ways to get off catalogs or reduce the magazine subscriptions as you never read all of them anyway. Figure out what mail, e.g. bank statements, can be changed to digital mail only. Try the same with your inbox. Sites like unroll.me can tell you how many email newsletters you are subscribed to and you can take your name off the list that you know longer need.

            Your Sitting Time

            Too much time in front of the screen is not good for the posture and health of your body. Try setting a timer so every 50 minutes you get up and stretch or go for a five minute walk. We don’t realize how bad our posture is when we sit for long periods of time. The studies on sitting disease are what led to standing and walking desks to be invented. If your office doesn’t have that get into a regular habit to stand and walk often in your day.

            Too much time by yourself can led the mind to wander. When the mind wanders it will often return with negative thoughts and beliefs. While a walk by yourself and some downtime is rejuvenating take notice if you start to feel un- inspired or a little sad and make sure you aren’t spending too much time in your own company. This is especially important for those of us who work from home. Make sure to have people interaction throughout your day.

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            Your Lack of Belief

            If you want to make a change or achieve a goal in your life you need to truly, 100 percent believe you can. If you don’t believe in yourself then why should anyone else?

            The difference between a successful person and someone struggling can be as simple as a mindset switch to believe that they will succeed.

            What areas can you minimize to create more happiness, focus and productivity in your life? Implement just a handful from the list and you will find that the mindset of ‘Less is More’ will be what leads you on the path to a better life!

            Featured photo credit: Samantha Gades via unsplash.com

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