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Managing change is not such an easy task for our leaders of today. It entails a critical application of strategies since it highly affects the present, as well as the future standing of any company. At the same time, being unable to undergo transformation and adaptation of the organization to its ever-changing environment makes any company stagnate. Stagnation is not exactly welcome if one aspires for advancement and profitability in the dynamic era that we have today. This may eventually lead to fatal scenarios which is not only risky for the stakeholders but to the company s other shareholders as well. Ergo, renewal and continuous development through effective strategies and its application are vital!