Transforming a company’s performance is a daunting challenge faced by many CEOs, though the nature of the challenge differs from case to case. That seems obvious, but it is overlooked by much management literature. The change approach touted as a wild success for one company may prove a dismal failure in the next, and even the most enthusiastic leaders see their efforts run out of steam. So what is the right strategy for your particular industry, your company, or even your personal leadership style?

We studied 25 companies to try and understand their method of transformation and what determined the choices their chief executives made. Each transformation was a unique response to a specific set of problems and opportunities. Some companies were facing up to future threats; others were on the brink of collapse. Some had to endure wave after wave of change; others were transformed within 18 months. Yet despite these variations, similarities emerged that suggest it is possible to ascertain which strategy will best create and sustain the momentum needed for transformation, depending on an organization’s goals and the raw ingredients at its disposal.

Creating a strategy

The...