Enterprises embarking on the journey of transforming business face dilemma about balanced risk, effects of change and benefits of innovation. Effective management of large business transformation programs is necessary to minimize the negative impacts of the change. Business would need to focus on planning, performance and controls, governance models, risks and mitigations, change management and organization readiness, stakeholder management and contractual management. This paper highlights various best practices along with the pitfalls to avoid for these focus areas. This paper is a collation of experience gathered from large Business transformation initiative for one of the largest utility companies.