This brief video shares advice for leaders on how to avoid mistakes that often trip up companies when they decide to move in a new strategic direction.
A corporate reinvention gone wrong can be the quickest path to organizational oblivion. How can leaders balance the tension between a market-driven need for reinvention and staying true to the corporate North Star that their business’s success was built on?
For more than a decade, Harvard Business School’s Ryan Raffaelli has studied this issue, including embedding himself in companies that get it right. He has identified three traps that commonly snag organizations looking to navigate these dangerous waters.
In this video interview, Raffaelli explains those traps and how successful companies like Corning, a long-term winner at corporate reinvention, have been able to build an organizational climate that facilitates change while also staying true to their identity.
To learn more about how to avoid the three reinvention traps, read Raffaelli’s MIT SMR article, “The Three Traps That Stymie Reinvention.”
Video Credits
Elizabeth Heichler is an editorial director at MIT Sloan Management Review.
M. Shawn Read is the multimedia editor at MIT Sloan Management Review.