TRANSFORMATION IS A FOUR LETTER WORD...HARD pt4

Success Factor #3 - Limitations Recognition

CEOs and CFOs need to understand that the skill sets for Operations and Transformations are different. Besides vision, speed, and persuasion, experience at HOW to transform along with patience, consensus building, and adherence to process are necessary. Many companies do not recognize this until after their transformation hits a wall.

I worked with an entity run by a seasoned team of entrepreneurs. They grew a start-up into a global organization through vision, grit, and acquisitions. Their core skillset was vision, speed, and execution, with a mantra of “get it in and we will fix it later.” Inevitably the company faced operational challenges. They needed to transform, but did not possess, or hire, the skillsets necessary to do it successfully. Ultimately the business was sold.

Recommendations:

1. Identify and evaluate the company’s gaps in leadership, skillsets, and knowledge needed for a successful transformation.

2. Perform a “Lease or buy” analysis on the talent necessary. These skills are different from those needed after you are done. A permanent hire does not always make sense.

3. Don’t rely solely on your software vendors for these skills, there is a conflict of interest.