70% of business projects fail . . . will yours?
As business leaders, we are constantly faced with change. Changes in the market place, staying competitive and keeping up with technology are just a few. Businesses need to be flexible and ready to make fundamental changes in how business is conducted, in order to cope with a new and challenging business environment. In addition, business leaders need to be skilled in leading that change.
So why is it that 70% of change projects in businesses fail?
Professor John Kolter from the Harvard Business School, in his book ‘Leading Change’ (1996 & revised 2012), wrote how he observed many companies try to re-make themselves only to find they fell short of their goal. In fact 70% of the projects failed. His book goes on to identify his 8-step process for leading change, which is worth a read when you have time.
Let’s face it, all leaders start projects with positive intent, so what do you do if your ambitious project fails to deliver the results? There is often a period of wound licking, possible laying of blame and eventual re-grouping. There will always be a need for more change projects.
Projects that fail don’t necessarily lead to further failure, but the rate of success is only 30%. Continued difficulties with change means project team members become battle hardened. Coupled with the high cost of lost time, reduced confidence, poor use of resources and money, it is time to look for ways to improve the rate of success.
How to make your next change project a success.
Chris Mason, founder of Mindshop recently completed his PhD. His research focused on how to improve the success probability of change in businesses. Two hundred and forty business leaders from nine global organisations participated in his research and he identified three main factors contributing to successful change, including;
Readiness: How ready the business and its people are to implement change makes up 30% of success likeliness.
Capability: The skills, expertise, training and resources needed to implement change makes up 40% of success likeliness.
Belief: The overall attitude of the business in relation to change makes up 30% of success likeliness.
The study also identifies ten sub factors contributing to a successful change. The change success model below was developed by Chris Mason.
Chris Mason has a great video that explains his research. We encourage you to take the time to watch the video as it will assist you to understand the change success model and how improvements in the sub-factors will increase your success rate.
Check the success potential of your next project
So how well are you implementing change? Do you expect change to be easier next year? With the new year fast approaching, now is the time to focus on how you are going to implement changes in 2016!
We have a new and free Change Success Diagnostic to help you to discover your success potential. In less than 5 minutes you will know where you and your team will need to focus in order to make your next project a great success.
Steps to make you next project a success
There are a number of ways to improve your chances of success. We have two options that will ensure your next change project is successful. Simply click on the button of your choice below and find out more.
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