Some organisations just seem to be better at making bold business moves than others. Recent research from Deloitte Insights [CLICK HERE TO READ], looks into bold change and has found that any organisation can achieve it. A key outcome is that “bold change is typically not one herculean initiative, but rather an outcome driven by decisions, actions, and initiatives taken methodically over time.” That is, we outsiders may see some seismic change that surprises and impresses us, but which is really a culmination of moves that have been years in the making and going largely unnoticed. The research found that most executives interviewed “cite a minimum of three to five years to execute a bold change.”
In presenting three themes that contribute to successful bold change, the report notes a critical assumption underpinning these: “driving bold change is a team sport. A superhero CEO may not be the solution here. Often, it can only happen through strong leadership teams and the relationships they cultivate throughout the organisation.” With this understanding, the three themes are:
- The right leadership is critical, and leadership stability is important too.
Leadership needs to be united “on a vision that transcends their tenure.” The implications of this include succession planning and developing new leaders. Some suggestions on how this can be achieved include:- Shadow boards – that is, “a group of young, non-executive employees who work with an organisation’s board on important initiatives such as strategy planning and implementation.”
- Independent Chair of the board- to keep the CEO from blind spots and mishaps.
- Culture is critical, but it is only as strong as the components that underpin it.
Culture is like an engine made of many components, all of which “should be focussed in the right direction for bold change to hit its mark.” Potential ways to assist with this:- Turn adjacencies into a change catalyst – find and capitalize on opportunities that are closer to the core of the business.
- Expand the purview of stakeholder relationships – remember that culture goes “beyond the relationships with the four walls of the organisation.”
- Identify – and remove – change friction – find those areas that may “inhibit change effort and be intentional about eliminating them.”
- Funding is critical, but stakeholder buy0ins may be more critical than the investment dollars themselves.
“It takes a village for change to occur, so leaders should talk to each [stakeholder constituency] regularly and understand and address their concerns.” Suggestions regarding this include:- Use clear language to help articulate your vision.
- Centre the message on the areas that matter most to the audience, and on cultivating trust.
- Make it a two-way conversation.
In wrapping up the report, the authors pose three pertinent questions for any organisation wanting to consider bold changes:
- Does your organisation’s leadership have the patience and persistence to drive methodical change over time?
- What competencies has the organisation developed to build a culture capable of turning ideas into bold action?
- Which internal and external stakeholders require more tailored marketing to not only address reservations but foster authentic buy-in?
As consistently repeated throughout the report, “small wins lead to bigger ones”, giving you the credibility to take bigger and bolder steps. It is a change of cous, but bold change is a journey, not a destination.
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