I’ll admit that I didn’t come up with that one—credit goes to Heraclitus, the Greek philosopher.
But both dealing with and being aware of change are vital, especially when you’re running your business.
Don’t let success bring you to a standstill
You can become complacent when your business is successful. It’s easy to resist change when everything seems to be working well. The mantra changes from, “What can we do differently here?” to, “This is the way we do things around here.”
There’s nothing wrong with celebrating your business’s traditions and history. But your business is an organic entity and if it isn’t moving forward, it’s stagnating, and that, ultimately, means failure.
There are plenty of examples in the corporate world of companies that thought they’d always be around. They didn’t see threats approaching from younger, faster, more innovative competitors and market disruptors until it was too late and their product or service had become obsolete.
So as a business owner, always look for ways to become better and encourage your employees to do the same. Challenge, innovate, and constantly look for new ways of working. Watch what your competitors are doing. Keep an eye on new market entrants and examine their new approaches and strategy.
And changes don’t need to be big. There are always small, gradual changes you can make to improve your business so you don’t get left behind.
Legal changes in 2018
I’ve been looking back at employment law changes over the year as 2018 draws to a close. The pace of change has been staggering.
The Taylor Report on modern working practices has triggered four separate consultations.
There have been big changes to the National Minimum Wage.
And gender pay-gap reporting has forced businesses to address equal pay.
GDPR has shaken up how we handle data.
Not to mention issues around the status of employees working in the gig economy and the potential fallout from Brexit.
It’s a lot to get your head around. The law is always changing and reforming. It’s a prime example of how your business can get caught out.
You don’t need to worry when you’ve got us on your side.
Your business demands your attention
As a business owner, your primary focus is to run your business. You’ve got enough to do. We understand that. Our job at Peninsula is to look after the ever-shifting employment law landscape for you, and make sure that’s one area of change you’ve got covered.
Some of the changes I’ve mentioned might affect you. But we’re here to help you with any employment law questions you have, just give us a call on 0800 028 2420.