A lot of companies, both big and small, have been guilty of letting faulty practices creep in, eventually letting the company rot. Newer entrants often exploit this gap, with incumbents being too busy to spot their own flaws. Sometimes, bad habits get ingrained so deep, that the top executives even forget about their best practices. An analogy may be drawn from certain tribal societies where tattooing may be harmful for the one receiving, but nonetheless is displayed with a deep sense of pride. Sometimes the bad habits that get inadvertently built into the corporate strategy, started off due to some genuine advantages. These advantages were more visible than the disadvantages, but in the long-run, it is the latter that has the greater impact.  Sometimes, even governments and regulatory bodies can unintentionally aid this, by putting results ahead of procedures as is the case with the IVF industry in the UK. Companies have also been found guilty of faulty benchmarking, where blindly concepts are taken out from industry leaders, irrespective of scale or context. This inhibits their innovative abilities. Bad habits also often spread like wildlife, a bit like herd-mentality.

Source:https://www.strategy-business.com/article/How-to-Banish-Bad-Habits-from-Your-Company?gko=1c396

Uploaded Date:03 March 2018