Stora Enso could be titled the world’s oldest extant company as the paper producing giant has been in operation since its formation back in 1288. However, declining paper sales has meant that the company’s top line and bottom line both started wavering, come the start of this decade. Previously about seventy percent of the revenues and three-fifths of the profits emanated from paper. A third of its once thirty-thousand strong workforce had been laid off but to little avail on the bottom line. The typical problem-resolution strategy would have been to enlist the services of some business consulting firm. However, Stora did it differently. They instead chalked out an internal team called Pathfinder which was a diverse collection of people from different levels. They devised a five-step strategy which not only helped Stora ride the storm, but in fact ended this period with a changed business outlook. First of all, Pathfinder tapped into the diversity inherent in the firm to gauge crucial insights and ideas. The leadership took a hands-on approach, during a six-month period to transform the company. This mission was built around the most critical of aspects. Intensive levels of corporate training was doled out to ensure the contribution levels of the diverse team accelerated. Stora Enso also relied heavily on the business parameters as well as people ones to gauge the effectiveness of the campaign thus far.

Source:https://hbr.org/2018/01/how-the-worlds-oldest-company-reinvented-itself?utm_medium=email&utm_source=newsletter_weekly&utm_campaign=weeklyhotlist&referral=00202&spMailingID=18962244&spUserID=OTY0OTMwNTk5NwS2&spJobID=1200305500&spReportId=MTIwMDMwNTUwMAS2

Uploaded Date:17 February 2018