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  • Writer's pictureJacqui Grant

Business to Business - Are you prepared for change?

Connect and Grow Magazine - Edition 7 - March 2024


How flexible is your business? Do you have a business plan that includes readiness for change as the industry you provide services in and legislation changes?


Planning for change can lead to ongoing business success!


As I completed my studies for a diploma in business compliance, I had to study completely different case studies. In case studies, as I have also found, many people do not plan for change in their business when working with clients. They set a goal and have an initial business plan; however,, they rarely assess their business plan.

 

Industry legislation and funding change regularly, impacting businesses in that industry/sector.  I have noticed that many small businesses, sole traders/independents are unaware of the legislation they work under; they are unaware of the importance of having a business plan, a marketing plan and a financial plan that they see an opportunity to start a business and go ahead and do that without seeing that there will be certain laws they are to follow.

 

 

As these laws – and legislations change, they mean the business is required to change their internal and potentially external structures; it could be small changes in policies, which could mean changes to some forms/documents, or it could mean bigger changes, such as security and passwords, network access and more that many businesses have found they have to do for their business to stay safe from cyber-attacks and also protect their staff and clients data along with the business’s intellectual property.

 

 

Legislation changes impact your business!



 

Legislation applies to different industries and a country's overall governance. It sets expectations that must be followed, and the penalties for not following them can sometimes involve imprisonment.

 

While that sounds scary, we follow all these laws in our everyday lives, so it is all about perspective and relevance. If you are, for example, working in the health industry, there are certain legislations to abide by, and then in the disability sector, which falls under health, there is the disability services and Inclusion Act 2023, which is the legislation that applies to all who provide a service to a person with a disability.

 

Now that we have heavy information take a moment to think about your business and what would happen if the legislation that applies to your services was to change tomorrow.

 

Would you even know it has changed?


Would you take the time to read the new legislation? It is a heavy document written in legal language, so it can be challenging.


Do you have someone to turn to explain the changes and how they may impact your business?





Businesses that have flexibility can change as the need arises.







 

Once you are aware of changes in legislation and how this impacts your business, does your business have the flexibility to adapt and change without completely changing every aspect of your business?

 

For example, in the NDIS sector, there are many discussions and task forces in action, and one of the changes that may happen is that some people may not stay on NDIS and become part of foundational support. Now, if your business has a lot of the people whom this applies to, you may find that you have fewer people who require your services, therefore less work for your staff, and therefore, not as much revenue coming in.

 

What do you do? What does your business contingency plan say? What other services do you apply, and can your business fit into foundational support?

 

It is an essential part of your business planning that when you become aware of a change or a potential change, you learn as much as you can about it.


At Break Free Consultancy, we offer business coaching and consultations for those in the disability sector. You can learn more on our website.

 

 

We have launched the Connect and Grow Radio show and are moving our podcast to Podbean.

 We would love you to follow us and be a guest on the radio show to speak about your business.

  

 

 

To advertise with us, book a call: 




If you are starting with your business, this is a great article

 

Written by Jacqui Grant

 

 

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