Transforming Business for the Long-Term
Business transformation is hard. Organizations that begin their large-scale transformation journeys often lose steam and end up frustrated by incomplete results. However, organizations that successfully complete their transformations and sustain them report double the rate of financial growth compared to others.
There are some key factors to achieving successful transformation. One key factor is effective planning. Organizations must have a solid, clearly defined plan that lays out responsibilities and who is accountable for them. Having a plan is only half the journey – the other half falls to execution. There needs to be proper review processes implemented as well as
Alignment between management, the CEO, and the board on which opportunities are targets they will act on.
While there is no one-size-fits-all solution when it comes to large-scale transformations, there are three elements that will help achieve transformation success.
Alignment: The board and CEO must agree on direction, investment, and what needs to be improved. Additionally, senior management also needs to understand the why behind the transformation and how it creates value.
Target management: Organizations need to set achievable goals along with bonuses for management teams.
Commitment: Leadership must be committed to consistent reviews, making decisions, informing stakeholders, and addressing issues to keep the transformation running smoothly.
Transforming an organization is for every company, regardless of how successful they may be. The ability to transform will allow for sustainability and protect shareholder value.
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