What does growth have to do with transformation? A lot, according to McKinsey partner Duncan Miller.
But in order for the two to play nice together, the right strategy is key.
Miller says, “We’ve seen companies thrive and succeed if they have a balanced approach across growing the top line and expanding their margins at the same time.”
But this is a “tough trick to pull off,” as Miller puts it, and the winning formula is to expand your margins and grow simultaneously. Only 15% of the companies McKinsey
has evaluated over the last decade have been able to do this.
A lot of leaders grapple with the growth versus transformation conundrum. Sometimes, these two initiatives seem at odds. But the goal is to align them and achieve both.
You can watch a video of Miller expounding on these thoughts by following the link below.