There's nothing wrong with an optimistic outlook, but it's also important to be prepared for the roadblocks you may encounter on your transformation journey.
- Hi, my name's Mark and I'm the founder of Transformable. One of the common mistakes when transforming an energy retailer is assuming that the project is gonna go to plan.
Transformations are hard. You're changing your business, you're changing your staff in the way they act, you're changing your technology. There's nothing easy about doing all of those things. And often, we, as humans and as managers, have a bias towards optimism and we put so much time and effort into a plan, we can only really, we can get so close to it, we can only see how good the plan is and how great it's gonna be when we finish it. That creates blind spots. And all of a sudden, as we're going along our transformation journey, something's gonna jump up and bite us and if we're not ready for it, that can cost us time and money.
So really, the trick is to critically assess your plan and have a real good think about where the plan can go wrong and get mitigations, get actions in place to reduce either the probability or the impact of those things happening. And when you do that, you've gotta think about all of your different stakeholders, including other market participants, the market itself, as well as all the normal stakeholders in your business.