Why capital should not be committed before the organisation is ready to absorb change.
CEOs spend enormous time deciding what their organisations should do, but far less attention is given to when the organisation is most capable of doing it.
That distinction matters.
The same transformation can become a movement in one moment and another corporate programme in another. A new CEO arrives, and employees expect change. An acquisition makes previously protected assumptions negotiable. A performance crisis creates urgency. Regulation forces decisions management has postponed. A technological disruption suddenly makes the status quo indefensible.
These moments are easy to recognise in hindsight.
