Regardless of the continued survival of the Richit family business for a decade, the business continues to lag in terms of progress as well as new business inventions.

Running Head: PROBLEM IDENTIFICATION 1

PROBLEM IDENTIFICATION 4

Problem Identification

Institutional Affiliation

Regardless of the continued survival of the Richit family business for a decade, the business continues to lag in terms of progress as well as new business inventions. Therefore, I have identified a management problem in this family business which is lack of management innovation. In the modern business world, business progress is guided by continuous innovation in terms of business policies and strategies. An innovative business can adapt to changes in the business environment and maintain its competitive edge in a competitive market (Barnett & Carroll, 2015). Therefore, innovation can help a business in formulating a transformation process as well as incorporating changes in the business industry.

Business innovation must be coupled with the right learning mechanisms which include business learning. The concept of business learning continually gaining importance due to the increasing levels of competition as well as the changing business environment (Fiol & Lyles, 2012). Business learning is closely related to business change. A learning organization/business can formulate new ways of doing business and as a result, undergo a successful change process. Organizational learning is characterized by the flexibility of the operations, openness to change as well as adaptability to changes. Therefore, organizational learning enables a business to experiment with new ideas and as a result, undergo a successful change process due to its flexibility in adopting new methods.

When businesses build and develop their learning skills, they can gain a competitive edge in an industry. Also, they can remain innovative which continually improves their business processes attracting more customers to the business. Customers are the lifeblood of a business, on the other hand, learning increases the level of customer satisfaction enabling the business to attract new customers while retaining old ones(Fiol & Lyles, 2012). As a result, organizational learning promotes a successful change process.

Richit’s goal is to increase its market dominance in its business environment which will help in facilitating its survival in the industry. However, the ability to increase market dominance is dependent on how well the management team designs future-oriented strategies that will meet consumer needs in the future. In the changing world of customer needs and wants, a business needs to be proactive in terms of identifying gaps in the market environment which when properly utilized can lead to increased market dominance. In determining the market gaps, the management at Richit needs to have proper innovative skills which will ensure the continuous business learning of the business industry. Therefore, there is a need for Richit to adopt flexibility in terms of implementing business change which will ensure an increase in its market dominance.

The recommended solutions to this problem include the provision and development of a business learning environment for the management team at Richit. The management at Richit has been characterized by rigidity in terms of formulating new ways of doing things. This has translated to the minimal changes experienced at Richit.

In inspiring a need for change at Richit, communication is an essential component. Communicating the need for change is one of the strategies used to involve others in planning for organizational change. Unplanned change might result in critical impacts on the operations of an organization. This is due to the rigidity of the people required to change. Therefore, involving everyone in the change process eliminates most of the challenges associated with a rigid workforce (Barnett & Carroll, 2015). Communication pioneers a complete change process where managers and employees understand the change process, and as a result, they cooperate to support the process. Therefore, the management at Richit needs to communicate the need for change to all its employees which will facilitate a successful transition.

Reference

Barnett, W., & Carroll, G. (2015). Modelling Internal Organizational Change. Annual Review of Sociology, 21, 217-236. Retrieved from http://www.jstor.org/stable/2083410.

Fiol, C., & Lyles, M. (2012). Organizational Learning. The Academy of Management Review, 10(4), 803-813. Retrieved from http://www.jstor.org/stable/258048.

 

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