TRANSFORMATION IS A FOUR-LETTER WORD…HARD

Most change efforts fail. Articles in both Forbes and Harvard Business Review cite a 70% figure. The downfall of many a CEO and CFO has been their failure to successfully transform their businesses to meet the demands of their customers, organization, or regulators. Sometimes that failure has taken the company down.

Knowing that most efforts fail, it is not surprising that CEOs and CFOs feel obligated to take a “safe” path and suffer “the devil they know.” Unfortunately, delaying a needed change only lowers the probability of success.

Over my 20 years of working with many companies I have found nine dangers which, when converted to success factors, create an environment for a successful transformation.

1. Overcoming Delay

2. Vision

3. Recognition of Limitations

4. Project Leadership

5. Support

6. Timeliness

7. Change Management

8. Rewards

9. Closure

In upcoming posts I will discuss how to turn each of these dangers into success factors by providing actionable recommendations based on real world experiences. With this knowledge you will be better prepared to lead your company through the challenges of transformation.