To reverse its direction, i.e. make an arrow that points right flip to point left. What's on the Adobe website below isn't working.
http://helpx.adobe.com/captivate/using/smart-shapes.html
Flip smart shapes (available only in the update for subscription and Adobe Software Assurance customers only)
Click the smart shape and drag one of the handles in the desired direction. For example, to flip an arrow to left, click the handle at the tip of the arrow head and drag it all the way to the left so that it flips along the Y-axis.