In this article, BCG lay out the challenges facing the CEO tasked with transforming their company.
“A transformation is not a series of incremental changes. Rather, it is a fundamental reboot that enables a business to achieve a dramatic, sustainable improvement in performance and alter the trajectory of its future.”
Key takeaways for CEOs:
- CEOs must continually balance short- and long-term objectives.
- CEOs must quickly reset investor expectations.
- CEOs must develop a clear purpose for the change effort.
- CEOs must adopt agile and digital methods to drive change.
- CEOs must assemble diverse leadership teams.
- CEOs need to apply directive and inclusive leadership.
- Virtually every company needs a transformation.
- In setting a long-term strategy, revenue growth is the biggest factor in transformation success.