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Eight Steps to Transformation Success
Transformations don’t follow a cookie-cutter model; they need to reflect the challenges unique to each situation. Nonetheless, there are eight factors that drive long-term success:
Turning the Page. Companies make a conscious decision to go beyond the efficiency moves and refocus on growth and innovation.
Creating a New Vision. Companies articulate a clear shift in strategic direction, coupled with room for experimentation.
Foundational Innovation. Companies innovate across multiple dimensions of the business model, not just in products and processes.
Commitment. There’s persistence from leaders in the face of inevitable setbacks and internal opposition to unproven shifts in strategy.
Imposed Distance. There’s a willingness to shift from the historical core business model and its underlying assumptions, often by creating a deliberate degree of separation between the new business model and legacy operations.
Adaptive Approach. Transformation unfolds through trial and error, with ongoing refinement of a flexible plan.
Shots on Goal. Companies don’t pin growth hopes on a single move but rather on deploying a portfolio of moves to drive growth.
Patience. There’s adherence to the vision over a multiyear period.