4.1 The Possible Impacts of Change on Businesses

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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.
Product Life Cycle
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This impact is driven by changes in the external environment. Some business owners may see the need to update or change their products to meet ever changing customer needs. Therefore they will need to ensure their budget stretches to be able to embark on
Research and Development
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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
Training
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Changing business circumstances may highlight growth opportunities. This will require a business owner to carry out work force planning. Consequently this stage may be required to ensure that the business is able to face changes positively.
Recruitment and Selection
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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.
Cost Implications
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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.
New Opportunities
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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.
Physical Resources
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Other cards in this set

Card 2

Front

This impact is driven by changes in the external environment. Some business owners may see the need to update or change their products to meet ever changing customer needs. Therefore they will need to ensure their budget stretches to be able to embark on

Back

Research and Development

Card 3

Front

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

Back

Preview of the front of card 3

Card 4

Front

Changing business circumstances may highlight growth opportunities. This will require a business owner to carry out work force planning. Consequently this stage may be required to ensure that the business is able to face changes positively.

Back

Preview of the front of card 4

Card 5

Front

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.

Back

Preview of the front of card 5
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