While the term transformation can mean many things, we at AaronRichards define it in the most literal sense: a cross-functional effort to alter the financial, operational and strategic trajectory of a business, with a stated goal of producing game-changing results.
Change programs can take many forms, from moderate restructurings to full-scale turnarounds, depending on a company’s needs. What our Full Potential Transformations clients all have in common is a readiness to disrupt the status quo in order to grow. In some cases, the impetus comes from a restless leader who wants to maintain a competitive edge or take the company and industry to fertile and uncharted territory; in others, the need arises from dire financial and competitive circumstances.
Corporate leaders have a core set of "levers" they can pull to alter their company's trajectory to reach full potential amid the new realities of their marketplaces and within the limitations of their starting point as well as the cultural norms of their company. We guide leaders through a series of questions to identify, sequence and implement the necessary changes and actions that will stick and create value over a multi-year horizon. Our approach relies on experts across a full set of capabilities and is supported by AaronRichards’ experienced consultants in the following areas:
Identifying the need for a Full Potential Transformation and implementing the change itself pose two distinct challenges:
Defining a bold vision for how the company must change, based on a clear-eyed analysis of its core competitiveness, now and in the future.
Recalibrating this "ideal" vision based on a realistic assessment of what the organization can do to align leadership, manage change and work through the disruption.
Lofty goals require pragmatic plans. Bain works side by side with clients to help them create detailed and customized strategies that will produce the change they are looking for. That’s why our process starts with these questions:
1. What kind of transformation do you need?
Together, we assess the company’s current health in the context of industry dynamics, gauging how far its business model must shift to sustain or revive growth. Understanding this point of departure—and envisioned point of arrival—will establish the magnitude, difficulty and velocity of the change.
2. What is the right choreography?
We look across the seven levers of the business—strategy, operations, organization,customer orientation, capital structure, information technology and Results—to establish the most logical sequence of action. The goal is to pull the right levers at the right time, without disrupting the company’s overall strategy.
3. How should the transformation be managed?
Crafting a Full Potential Transformation plan is one thing, but executing it effectively requires the right leadership structure. The company’s culture and the magnitude of the effort ahead should inform the degree of centralized oversight. Some organizations respond best to a central management office while others prefer to manage change through the line
AaronRichards also provides Turnaround advisory services. During a restructuring, AaronRichards works alongside company management to develop an obtainable and executable plan.
We provide advice on specific aspects of the turnaround process, and help manage complex constituency relations and communications.
Our Turnaround Advisory consultants provide the following services: