Business Transformation - Protect probable Business Failure

If you are embarking on a Transformation journey and you are not prepared to protect failures then the #Transformation #Strategy is incomplete

During the honeymoon peoriod it can lead to failure if we are not careful.

A business can fail for many different reasons.

Most important thing is, a business doesn't fail overnight, it happens slowly. I am not mentioning the startups, rather an established business for decades, how they slowly leads to entropy.

My objective is not to prescribe, rather create an awareness.

Do not let anyone to fool you.

So let me share 7 reasons that are somewhat ignored during a apparent good time.

1. Failure to set a standard. - They ask, why should a standaard in the first place, we are a standard. That attitude is dangerous and the vision get lost in the translation.

A business must have some standards to repeat performance and sustain in the market plan.

Let me list few standards

a. business standard - basic guideline to do the business

b. Performance standard - what a good performance look like

c. People standard - Must have qualities to enter into the organization and qualities and skills to rise up in the ladder.

d. Service standard - The standard how they will engage with the customer.

e. Quality standard - A way of ensuring the promised qulity.

2. Failure to communicate the strategy - it starts with having a communicateable stragey. Many organization think that it is something confidential. But it's not, Strategy is nothing but winning formula

A ompany must have winning formula

a. winning formula for peaks and valleys

b. winning aagainst competition

c. winning in innovation

d. winning against change

e. winning against poor performance

f. winning during troubled times

3. Failure to develop leaders in all levels of the business

4. Failure to establish a framework for delegation of authority and a bullet proof decision making model.

5. Failure to appreciate contributors and managing internal conflict of interest. - It is so subtle that as initially ignored so it becomes a monstar.

6. Failure to use technology as a business enabler.

7. Failure to accept brutal facts - The habit of denial is a real self-deprecating issue. Not listening to the customer, employees or any other stakeholders.

I hope this article will help organizations to prioritize their must win battles.

Enjoy and share.

#artoftransformation #leadership