“Transformation” is a term that is widely used and is often used to describe the state of a business. But the reality is that most businesses fail in their transformation efforts. Actually, in one KPMG Global Study 201696% of organizations reported undergoing business transformations, but only 47% expected to see long-term value, and an estimated 70% of companies fail in change efforts.

Why? Because many are simply not ready for the challenges and long-term commitment that come with transformation. As the CEO of a company currently in the midst of transformation, I can say unequivocally that it is not for the faint of heart. You'll want to make sure you're up for the challenge and your team is bought in and motivated by what's to come. Here are the top five actions you should take before embarking on your journey.

1. Be prepared for criticism

Jeff Bezos once said, “If you can't tolerate critics, don't do anything new or interesting.” This is 100% true for any business embarking on transformational change. There is no easy way to start change, so you have to have the stomach for it. You can't be timid in your approach, and you should expect that changes will make some people uncomfortable. If you already have this mindset, you'll be able to focus on tackling other obstacles that come your way.

2. Draw a clear vision

You cannot transform without a vision of what you want your business to be on the other side of the transformation journey. Simplicity is key here. You need to find an easy to understand yet inspiring way to articulate what you are trying to achieve with the new direction.

Your employees need to understand the “why” behind the change and be motivated and inspired by the vision of the future. I've recently taken the concept of vision a step further with my teams: I've asked each business area to create its own vision that aligns with the company's vision. We had multiple priorities across the company, and I knew this would help each employee focus, prioritize, and better understand their individual and collective purpose.

3. Get your employees on board

The reality is that not everyone will be on board right away. There will usually be three different groups of employees: those who are excited about the change and want to pursue it, those who are unsure and prefer to wait and see what happens, and those who are not at all interested in change.

You will need to leverage the people in the first group to help build momentum and demonstrate to the second group the benefits and opportunities before them – not just for the company, but for their personal growth. Next, you need to make decisions about the third group. Often, those who are reluctant to change find out on their own that the company is no longer a good fit for them as the environment becomes less predictable, and that's okay. Transformation is difficult. And it's not for everyone.

4. Stay the course

Many transformations fail because of the leadership team's lack of conviction. You will experience major ups and downs throughout the journey, including some pretty big failures. There will be some people who don't believe you can do it, and that's when you double down.

Learn from your failures and stay committed to your goals. At the Chamberlain Group, we experienced a major shortfall in sales of one of our most innovative products last year. We learned, we regrouped and we will use those lessons to continue to develop that part of the business.

5. Get ready to change … everything

Many people think that business transformation is a corporate strategy, but it is not. It involves changing every aspect of the organization, including how you budget, how you allocate and reallocate resources, how you recruit, and how you engage the talent you have. You need to make sure you have the right people on the right teams, committed to the right priorities. In many cases, this means making bold moves. Over the past few years, I have moved executives to lead different parts of the business, uncovering previously untapped strengths and benefiting the company as a whole. This may seem surprising, but it is not a true transformation unless you challenge all your past norms.

I often say that leading through a transformation requires you to constantly maintain tension on the metaphorical rubber band; if you don't, it will return to its origin. Sustaining change requires constant focus and persistence, because when it comes down to it, change isn't about effort; it's about impact. Establish a consistent set of metrics early on—both qualitative and quantitative—that you'll use to track your progress along your transformational journey. These metrics will serve as a focal point and rallying point for the team along the way and make it very clear to everyone when you've truly achieved “transformation”.