Change Management Strategy for the Activities of Business Organizations

Abstract

Within the context of modern management, business organizations need to realize that everything around them is changing: the rules of the game, the participants, the scale of activities, and the size of markets. In other words, nothing is constant. The changes may be both local and global, whereby developments may affect different fields: executive and administrative, technical and economic, social and public, informative and analytical. Managerial decisions taken inside an organization under the aforementioned conditions require sound theoretical grounds for selection in terms of potential risks and current and future economic effects. Traditionally, long-term decisions on setting goals for an activity of a business organization and determining ways to achieve them are considered within the framework of strategic planning, as a result of which a development strategy is formed. However, under current circumstances, the place and role of change management in the strategy of business organizations requires reinterpretation. The academic originality of this contribution lies in the specification of a concept for change management with regards to the activities of business organizations based on a strategic approach and adaptation to dynamically changing market conditions, including long-term planning. As part of the study, the essence of a strategic approach to change management regarding the activities of business organizations is considered, the principles of building a change management strategy are highlighted, and an algorithm for its development and implementation is proposed.