As I study the next on my list for the month of December 2024, a $2 billion business on average annually and the likelihood to deliver “I pay you this much, can I get a guarantee that you can deliver?”
I will draw 2 references, not as a shield but my personal promise – owing a duty of care.
1st reference,
"A Client who is not prepared to take Risk that the best consulting work by the best consulting firm in the world can fail and buy a Promise, must refrain from using a Consultant."
~ Part of interpretation in page 648, Management Consulting, 4th Edition,
International Labour Organisation 2002.
2nd reference,
What is the change failure rate at McKinsey?
There is an oft-quoted statistic that about 70 percent of organizational-change programs fail to meet their objectives. This sobering fact actually comes from McKinsey research of a few years ago. (29 Aug 2019)
In a very Googleable search, that failure rate of 70% is a norm. What if this is the failure rate at a school? What if this is a failure rate at Top 2000 companies worldwide? Is this acceptable?
If this is revenue we are talking about, to fail at 70% means certain death. To a R&D department, 70% failure rate is generally acceptable.
In the case of Elon Musk, it was reported that once he returned his attention back to Tesla – he was not happy with the 20% drop in business. His solution? Cut 20% headcount.
In the case of Thomas Edison and the lightbulb journey - He failed 2774 times according to his records and then reached a working design of an electric light bulb. This is how many times Thomas failed in making a light bulb filament that will glow in a vacuum when electricity is passed. He worked on a design that already existed. Of course, most people will just tell you that Edison failed 1 million times or 9,999 times.
After our recent AGM on the 20th November 2024, I revised our Vision as we have reached the Global Management Consulting Firm aspiration within 3 years with the new team.
Our vision now is on building long-lasting, ever-improving legacies for my clients. The emerging fact, a big number of our mergers and acquisitions (M&As) cases are due to “no one to take over the business”.
And we are doing it with an emphasis, duty of care, not to fail (DCNF).
“Duty of care is a legal obligation to act reasonably and avoid causing harm to others. It's the first step in a negligence claim.”
Examples:
In the workplace
Organizations have a duty to protect the health, safety, security, and wellbeing of their employees.
In the aged or disability sector
Those working with the elderly or disabled have a legal and moral responsibility to keep their clients safe.
At theme parks
Operators have a duty to maintain and repair their premises and equipment to prevent accidents.
If 70% failure rate is acceptable, I would safely measure ours as getting in us onboard, paying the same professional fees but looking towards reducing chances of failure by getting the right people working with us.
As in a closed door supplier’s meeting, a top 4 in healthcare said,
“Our pacemakers have 1,000 parts, you don’t expect us to remove them due to failures after we had perform a surgery and put it in”
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