How to ensure your transformation is successful
Getting your transformation right is more important than ever. We are approaching the pointy end of 2020 and it’s time to think strategically and anticipate, and prepare what your business will look when the new normal emerges.
Your company may need to move in a new direction, accelerate product and service innovations, accelerate digitisation across the organisation, reduce expenses and improve efficiencies, or strengthen your competitive position. No matter what the business driver is, they will require a shift from the current state.
Planning and executing a transformation program to realise critical strategic objectives isn’t easy. It’s hard to believe that more than 70% of transformation programs do not successfully deliver what was required. Often, the plan that has been developed is right, it’s when you get into the execution phase that problems start to arise. People in the organisation then start to become cynical, “the last transformation program didn’t deliver the desired results so why would this one be any different”. Renaming the transformation program or allocating a different group of resources doesn’t usually result in the achievement of your desired outcomes.
We provide practical hands-on tips on how to ensure your transformation program is a success:
Lead from the front
Appoint a leader that is to be accountable for the program. Be sure your leader is prepared to effectively lead people through change, be visible and drive the importance of this program.
Be clear on what success is
Define what you are going to do, why you will do it, what the benefits of change are, and what the dangers of not changing are. Ensure you get buy-in from key stakeholders who will support the transformation.
Checklist:
Has a clear vision of the future been articulated and widely accepted?
Is the rationale for change sensible, clear and sound?
Are benefits well defined?
Does the case for change/opportunity outweigh risk?
Has a clear roadmap been developed and shared to gain input and support?
Have stakeholders who are critical to the transformation’s success been identified and their personal value drivers learned?
Is it clear how stakeholders will be proactively involved in making the transformation happen, to build their support and maintain their engagement?
Find your champions
Develop a champion network across the organisation to support and drive the program; ensuring key messages and impacts are well understood and accepted. Use this network to do communications, get feedback and help you create a positive momentum in the organisation / team around this program.
Importance of Change Management
Don’t underestimate change management requirements to successfully embed change in the organisation. Change management is a buzz word but the importance of it is critical to ensure the program is a success. Work out what the team needs to support the change and provide the guidance required to ensure that the change is implemented.
Measure success
Accurately measure and track success. Ensure you are transparent where things are off track and communicate risks and challenges and appropriate mitigation plans.
This framework will guide you through your transformation, but the real power is in the effectiveness of the execution. And that’s where we come in.
Need to ensure that your own business transformation is successful? Let us help.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations. Focused on delivering both commercial and financial outcomes. We understand that execution is the hardest part, and we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
