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Hi my name is Byron Hebert, and this is another Tool Time update brought to you by your friends at PKF Texas, and the Entrepreneur's Playbook. What I want to talk to you about today is a change success model, and the importance of having a good change success model in your business. Unfortunately the statistics show us that only about 30% of change initiatives in companies succeed. That means 70% of them fail, cost a lot of money, cost a lot of heart ache, and also frustrations with companies that can't seem to get over the change model to change success. So what we've done is come up with a successful change model that addresses all the elements that are needed to have an effective change in your business, and I'm going to go into greater detail in these in other Tool Time updates, but first I want to just talk to you about the three main components. 

Change readiness, how ready is your company for change, and we can break that down further. What are the capabilities with your organization? That's where your sustainable competitive advantage lies, and in other areas, but from an organizational and a personal standpoint, what are your capabilities in that organization? Then last, which we always have to address are the beliefs. Do you believe that your company is able to make these changes? Do people believe that they can make that change in your company? 

So we're going to go in much more details in this, but about 30% of the issue lies in readiness, 40%  in capabilities, and 30% in beliefs. So a good change model can help you succeed in your organization, and help you get those change initiatives in that you need. We'll be back next week to give you some more details in each one of these change areas to help you affect change positively in your organization. This is Byron Hebert, and this has been a Tool Time update brought to you by PKF Texas, and your friends at the Entrepreneur's Playbook.