4.1 The Possible Impacts of Change on Businesses

1. Changing circumstances may throw light on changes that need to be made in the way in which the business operates. Having successfully addressed the Human resource needs, business owners may look to address other needs the business may have. (8, 9)

2. When businesses face change, Human Resources will require attention. Depending on the nature of the business activity, business owners will need to consider whether this is an essential and important area that needs to be implemented to address any impact (8)
3. Any change in business will mean that finances will needs to be monitored. In particular, this will play a significant role in what a business is capable of. (4, 12)
4. It is important that businesses monitor the external environment and are aware of changing and evolving customer needs and wants. Failure to do so may mean they are unable to take advantage of this impact. (3, 13)
5. This impact focuses on the businesses product portfolio. Business owners should be aware of trends in sales over time and address issues with products as they arise. (7, 4, 5)

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