• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

3

Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
Fortune 500

Why Every CEO Should Think Like A Small Business Owner

By
Tim Felks
Tim Felks
Down Arrow Button Icon
By
Tim Felks
Tim Felks
Down Arrow Button Icon
July 19, 2016, 7:00 PM ET
Smiling small business owner sitting in office
Smiling small business owner sitting at workstation in office in discussion with coworkerThomas Barwick — Getty Images
Add Fortune on Google for similar content.

The Fortune 500 Insiders network is an online community where the most thoughtful and influential people in business contribute answers to timely questions about careers and leadership. Today’s answer to the question: How do you deal with change at a large corporation? is written by Tim Felks, head of property claims at Farmers Insurance.

Organizational change is never easy—especially for larger companies—but it’s also never been more necessary. We live in an age of disruption, where unforeseen technological advances can transform entire industries. Who could have predicted digital sharing companies, wearable technology or self-driving cars? Yet, it’s not impossible for leaders to successfully steer their organizations through change. Businesses that adapt to change often go on to thrive. To do this, however, these four steps are key:

Think like a small business. Smaller organizations are often better able to cope with change simply because they’re capable of being nimble. However, larger organizations can mimic that mindset. For example, don’t be quick to say “no” to new ideas. And make sure your leadership and employees remain open to change; to rethinking your processes on a regular basis; to creating new structures when necessary. While the varied business units and siloed departments of a large organization can sometimes slow down change, they should never stop it altogether.

Don’t be afraid to fail (and learn). At Farmers, we’ve learned from experience that a “test and learn” culture can help manage an ever growing and rapidly changing marketplace. From new products and concepts, to streamline processes, which help speed up our claims process for customers. If they fail, they’re scrapped, and lessons from the experiment are used to guide future projects. If they succeed, we quickly push them out to our business units. Don’t be afraid to fail. Create a safe space within your organization for fresh ideas, where you can continuously try out game changers and learn from any mistakes.

Be transparent with employees. It’s important to have, a road map outlining the changes your organization needs to make and the steps that will get you there. Once that vision is in place, be sure to share it with your employees at all levels. Create a sense of urgency around the change by explaining why it’s necessary and the steps the organization will take to make sure it’s implemented in a timely, efficient manner. Be sure to show employees how they fit into the plan, so they can better understand the role they’ll play. And once people begin to buy into the plan, make those early adopters your advocates, providing them with the right information and tools to educate their peers.

If your organization is open and transparent, you’ll build trust with your employees and your customers. Communication is also key — make sure you’re sending the right messages, to stakeholders on a regular basis.

Hire the right people. Seek out candidates with an entrepreneurial mindset’ who have created change in their schools and workplaces. If everyone in your organization believes change is fun, it will be.

Change can be frightening, especially in today’s business world. Organizations not only have to monitor their competitors, but also keep an eye on start-ups outside their industry, and disrupters within their industry. However, if you’re ready for change — even better, if you create the change yourself — you’ll be well positioned to adapt and thrive, no matter what may happen.

About the Author
By Tim Felks
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in

Warren Buffett called Bill Gates’ Epstein ties ‘distasteful’ and pulled out of the Gates Foundation. Days later, a review revealed 30 meetings
North AmericaWarren Buffett
Warren Buffett called Bill Gates’ Epstein ties ‘distasteful’ and pulled out of the Gates Foundation. Days later, a review revealed 30 meetings
By Sydney LakeJuly 22, 2026
38 minutes ago
Jon Gray leans while talking and sitting in a chair
SuccessCareers
Blackstone president Jon Gray tells Gen Z to think like founders at work—but a growing number are skipping the corporate ladder to become one for real
By Preston ForeJuly 22, 2026
51 minutes ago
t
Personal FinanceWhite House
Trump said Australia’s system ‘worked out very well’ with $200,000 saved by 67 — so why didn’t he apply that model to Trump Accounts?
By Kris Iyer and The ConversationJuly 22, 2026
52 minutes ago
clark
North AmericaMedia
Ryan Clark found out he was fired live, mid-broadcast, on NFL Live as ESPN undergoes first major layoffs in 3 years
By Joe Reedy and The Associated PressJuly 22, 2026
2 hours ago
zm
PoliticsNew York City
Mamdani fails to arrest Netanyahu while insisting ‘war criminal’ isn’t welcome in New York City
By The Associated PressJuly 22, 2026
2 hours ago
Current price of gold as of July 22, 2026
Personal Financegold prices
Current price of gold as of July 22, 2026
By Danny BakstJuly 22, 2026
2 hours ago

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
20 hours ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
23 hours ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
2 days ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
1 day ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.