Big business transformation ahead? Put your Skin in the game
We all know the business fable of the chicken and pig cooking together Bacon & Eggs. It illustrates how the chicken is just involved while the pig is really committed to this project and has literally skin in the game. Big business transformations can succeed only with skin in the game.
In the investment world, Warren Buffett is credited with coining the skin in the game phrase when putting his own money in the funds he was selling to his clients.
Stakes are high in business transformations
When you invest in a large transformation it is a big game and you better play to win. You will need enough people with skin in the game; you cannot chicken-out so to say.
Yes, you can hire a large consulting company to help you, and contracts can be made to ensure that these consultants have some degree of skin in the game. But if the transformation fails, it is, in the end, your own skin that gets burned.
Business Transformations are about reaching a next level of performance or market position. Failing to reach such targets can jeopardize the future of a company.
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As a business leader going on a transformation journey, you should have your skin in the game and give the people in your organisation the means and motivation to have their skin in the game as well.
How to choose the right players for your transformation
But bacon and eggs without eggs are neither going to cut it, so you do need the involvement of the right partners who will coach and support you were needed to succeed. Partners who do not chicken out and provide simple methods to help you design and deploy your new business capabilities successfully.
Are you ready to put your skin in the game and own your business transformation? See how to get started!
Menno Huijben is a Senior Executive at Sofigate and is interested in the realm of decision-making in business, especially where a data-driven mindset meets intuition and experience. His motto is ”Don’t forget the Human Factor!”