This paper uses the theoretical lenses of Stakeholder Theory and Organisational Capabilities Theory to shed light on two factors that can lead to higher levels of improvement. We report on the results of a case study of a major Australian retail organisation where we explore the impact of the proposed factors. Qualitative evidence shows that improvement depends on continuously revisited cyclical, not linear, stakeholders' alignment process, and persistent development of Business Process Improvement (BPI) organisational-specific capabilities.