Welch's 21 Steps to Management Greatness - 8
See Change as an Opportunity
Many people in business look upon change in fear or turmoil, rather than the great opportunity that it is for any business in any category.
Welch said, "Willingness to change is a strength, even if it means plunging part of the company into total confusion for a while... Keeping an eye out for change is both exhilarating and fun."
Change is where the great opportunities lie. It is those companies and managers that get out in front of it and ride it that do well and emerge strong and healthy. They are also companies that have a future.
How do you spot important change? First of all we have to know the reality of the business we're in and the market we serve. If we don't know what's steady, how will we be able to spot when change is happening? The answer is we can't. We won't be able to spot an anomaly without knowing what the normal is.
Another important aspect of recognizing change is knowing the difference between a fad and a trend. A fad is of course a short-term temporal situation that won't last, whereas trends are entire changes happening within our market that will go on for years, and probably decades.
The way you recognize these is the same way you do change; know your business inside and out and the market it serves. Only those who have that type of handle on their business will be able to know the difference.
What's great about change is it creates uncertainty, but those that know their businesses and markets best will be able to go forward with much more precision and less wasted efforts and time than those that don't.
So I think you've got the idea down that you need to know your business intimately and in all its facets. Change isn't a concern for those who do. It's not that big of a stretch to go to the next step when you know the step you're on.
Change is so powerful because many in business management aren't willing to take the types of step to know the business they're in this indepth. Those that do will be the winners when volatility hits their industry.
Other Jack Welch Resources:
Jack Welch's advice to MIT Sloan students
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