A growth strategy is a plan that companies make to expand their business in a specific aspect, such as yearly revenue, number of customers, or number of products. Specific growth strategies can include adding new locations, investing in customer acquisition, or expanding a product line.

Having your core people involved in growth initiatives with an ownership mindset is critical. The three strategies that have emerged in more recent years include building an innovation culture, using sustainability as an accelerant to growth, and portfolio reallocation, including what we call shrinking to grow.