This content was previously published by Kotter International’s Executive Vice President Randy Ottinger on Forbes.com.
Kodak has emerged from bankruptcy protection slimmer, trimmer, and with a new business plan. We’re all hopeful that the bankruptcy experience has given company leaders a fresh perspective around leading advances that make doing business faster, easier, and less expensive for its customers.
As Kodak enters a more focused space – limited to packaging, graphic communications, and functional printing – they will face tough competition. But, as I recently told the Associated Press, if the company focuses on the customer and its culture, they will be able to pull ahead of the competitors in this space.
In order to do this, Kodak must Change Management Strategy – going from the behemoth in the industry to a more nimble, engaged, and innovative company. This is a cultural change, and there are overt and subtle ways the company can embed this new perspective into the culture.
In part, Kodak was dragged down by the alluring comfort of being on top. When people are saying that the sky is falling, but the dollars keep rolling in the door, it’s easy to deduce that people are over-reacting. And a system based on providing resources for the biggest earning business units makes it difficult to see emerging market shifts. If Kodak follows these three rules, they can avoid the dangerous place they’ve found themselves in the past.