Helping Companies Achieve Their Full Potential With Business Hierarchy of Needs® Change Management System Hierarchy of needs for different businesses will vary as per their size and growth stage. A startup will focus on the basic business strategy, and offering products and services to the clients. After completing level 1, the organization will work for sustainable business to ensure a healthy customer retention rate, and a steady stream of revenue. As the company begins to grow, it will funnel the initial profits to strengthen its tenuous hold on the market. The companies at level 2 of the Business Hierarchy of Needs® will begin making more sophisticated financial transactions, such as investing in infrastructure, focusing more on customers, and meeting additional regulatory requirements.
After completing level 2, the organization will begin building relationships with customers and employees, and work to maintain its growth. It will develop key account management policies, and focus on the needs of internal and external stakeholders. Companies at level 4 of the Business Hierarchy of Needs® begin to work on brand recognition, seek out press coverage, and invest in extensive thought leadership-based content marketing. The organization will begin to focus on the big-picture business strategy, instead of just the daily operations. The final or 5th level of the Business Hierarchy of Needs® is
when an enterprise begins to look at social and environmental issues, and begins to develop its reputation based on the moral compass.
Group50 consulting’s business hierarchy of needs change management framework focuses on achieving a company’s strategic objectives, and developing a culture of strategic execution. Every organization does business hierarchy of needs to some degree, but the difference lies in that the organizations that follow a disciplined change management strategy benefit from the culture of strategic execution.
Business hierarchy of needs by Group50 consulting consists of the below three levels: Level I – Data analysis and planning: This level 1 of the business hierarchy of needs lays the foundation for building clearly-defined strategies to achieve a defined future state for an organization. The consulting firm adds two more elements, viz. Most Important Goals (MIG), and Value Proposition, to the well-known components of Mission, Vision, and Values of an organization. While MIGs provide a quantitative measure of all strategies and tactics, the value proposition will keep focus on the reason customers prefer them over others.
Level II – Knowledge and change management: Once goal setting has been completed, the change management consultants take an OGSM (Objectives, goals, strategies, and measures) approach throughout an organization to deal with operating and strategic gaps to define the required organization structure, and performance management objectives. Level III – Implementation: At this stage, some key issues are addressed, such as governance structure, establishing an appropriate steering committee, communication plans, and interrelated project plans. Implementation techniques are dictated by the rate and magnitude of the required change.
Understanding the working of Business Hierarchy of Needs is a great start. Business leaders who can see the big picture will be able to move their business towards growth and the highest potential of selfactualization. Group50’s consultants help companies to take a systematic approach to the Business Hierarchy of Needs® change management framework, and help them achieve each level with the right budget and execution strategies. Group50 uses all the supporting frameworks and methodologies to help organizations achieve a culture of strategic execution through its three-level change management framework.