7 principles for growth

We’re now at a place where we’re starting to envision the end of the coronavirus pandemic and what life looks like after all this. As we look toward the future, I found this McKinsey article on principles for achieving transformational growth a good reminder of what our strategic plans should consider. Because after such a challenging year, we might be a little timid with our aspirations.

Here are the seven principles McKinsey has identified to help leaders take their institutions to greater heights:

• Look past the myths. McKinsey flags three myths that leaders should be wary of:
  1. Pursuing growth during a crisis distracts from the issues at hand: Some of the changes brought on by the pandemic are good long-term investments. Our sped-up adoption of technology and more secure systems will allow us to operate more efficiently and reach more people. I heard it several times in my conversations with other CEOs this past year – those who had been making these investments for the past several years were better situated to quickly adapt to the new virtual environment. McKinsey flags a similar sentiment: Leaders wish they started growth projects sooner, not waited longer. Even in hard times, leaders must continue to pursue opportunities that will support future success.

 

continue reading »