A business in post-maturity stage of the business life cycle could experience:

• one option: decline

• two options: steady state or decline

• three options: steady state; decline; or renewal

• four options: steady state; decline; renewal; or transformation

Change:

• is constant and inevitable in business.

• refers to the continual alteration of strategies, processes or structures in response to internal pressures and external forces.

Successful businesses are those that can:

• respond to change

• manage change

• adapt to change

• drive the change in the market

A person who acts as a facilitator and assumes responsibility for the management of change to enable a business to transform

• change agent

• change management

• consultant

• professional service

The process of transforming a business from its current state to a desired future state

• change

• change management

• environmental factor

• change agent

Change management:

• is the process of transforming a business from its current state to a desired future state

• requires a structured approach that includes planning, implementing, controlling and reviewing processes in a business

• aims to implement strategies for effecting change in a business

• is a person who acts as a facilitator and assumes responsibility for the management of change to enable a business to transform

A business needs to examine, understand and manage influences of change on the:

• internal environment

• external operating environment

• external macro environment

• change agent

Internal environmental factors influencing the need for change include:

• Owner/s and managers

• Employees

• Organisational structure

• Organisational culture

• Customers

The external operating environmental factors influencing the need for change include:

• Suppliers

• Customers

• Competitors

• Owners/managers

• Socio-cultural

The external macro environmental factors influencing change include:

• Socio-cultural

• Technological

• Economic, Environmental & Ethical

• Legal

• Political