MIT Sloan Management Review

IBM is making a comeback. Although many observers had counted the company out — “It’s a dinosaur, an implosion, a wreck,” various commentators said — its revival was probable, even predictable, because cycles of decline and revitalization have been the company’s pattern through many decades.P

Although most managers recognize the critical role a companywide vision can play today, many are intimidated by the challenge of developing one. The author offers guidance by first explaining how and why a vision works. He then presents a template tested in the corporate, nonprofit, and public sectors for creating an effective vision. Finally, his analysis of why some great visions fail can help executives avoid potential pitfalls.