Change + Stakeholders Flashcards
Stakeholders include:
- Owners
- Managers
- Employees
- Customers
- Suppliers
- General community
Owners positive
Change can provide opportunities for business owners to use their leadership skills to connect with employees and develop stronger interpersonal relationships
Owners negative
If change is unsuccessful, a business owner may experience personal and financial implications
Managers positive
Change can provide opportunities for a manager to develop new skills
or advance their career
Managers negative
Increased workloads associated with change can lead to stress which may negatively impact a manager’s wellbeing
Employees positive
If change is successful, employees may experience an improved job and financial security
Employees negative
Change may require employees to develop complex skills and learn difficult processes, which may increase stress levels and negatively impact their wellbeing
Customers positive
If change improves the quality of a business’s goods and services, customers may experience increased satisfaction
Customers negative
Customers may be dissatisfied if a business change increases the price of its products
- Or if a business changes to a cheaper supplier, quality may decrease > Dissatisfaction from customers
Suppliers positive
Supplier demand may increase if a business requires a greater amount of resources to meet its production needs
Suppliers negative
If a change is made, supplier’s sales may decrease due to a lower volume of orders from the business
General community positive
The change may creates job opportunities, local employment rates may increase which can improve the overall wellbeing of society
General community negative
If the change involves store closure or relocation, customer traffic and sales for surrounding businesses may decrease
