Seven Principles for Achieving Transformational Growth
Delivering it requires the whole organization to act in concert
Growth creates value: companies that outperform their peers on growth post 30 percent higher total returns to shareholders. Growth also benefits organizations and their customers, opening up new opportunities for employees and creating additional resources for innovation. It’s hardly surprising, then, that growth is at the top of the agenda for almost every business. In the wake of COVID-19, many companies are looking to growth to help them quickly recover revenues and steady their business. For others, growth is a way to gain market share, capitalize on disruptions in consumer behavior or lay the foundation for sustained success in the post-pandemic era.
As any executive will tell you, however, achieving and sustaining growth is hard—and it’s not for lack of will or effort. Many companies have pushed well-developed and well-executed programs on a range of initiatives, from customer experience to sales effectiveness, that have shown clear success in delivering revenue. The issue, however, is that these promising results often stall out or deliver only a small portion of the company’s full growth potential.
Delivering transformative growth requires the whole enterprise to act in concert—from the marketing-and-sales teams that drive customer acquisition, to the product and service leaders who deliver the customer experience, to the customer-service staff who help ensure customer satisfaction and loyalty. Because market conditions, competitive threats and customer sentiments change often, such growth requires a mixture of doggedly persistent and nimble execution.
Please select this link to read the complete article from McKinsey & Company.