The aim of this viewpoint is to highlight the key steps in re‐imagining a business, as articulated by senior executives; to present the nature of the challenges and a summary of best practices discussed by strategy executives.
The recent financial crisis has presented twin challenges for organizations: how to profitably grow the business, but at the same time how to respond to the public's perceived trust and legitimacy concerns about business. These challenges were discussed in depth by senior executives attending a recent management conference. This summary is provided by a professor whose teaching and research focus on strategy and innovation, and distills the findings of the conference down to a guideline for strategic action.
Executives have discovered that re‐imagining the business can address both concerns simultaneously. Re‐imagining involves three steps: embracing outside‐in innovation, re‐conceiving the company's core and vision, and aligning the organization and its incentives. Re‐imagining is not change, it is extending and leveraging your company's strengths.
Strategic action steps for re‐imagining are provided in a concise outline format.
Ideas about new forms of innovation and the need to address social concerns about business usually stay at a general level. This paper provides actionable information derived from success stories of companies that have already gone down this path.
