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1、WhentheGrowingGetsTough,theToughGetGrowingByKermitKing,GerryHansell,andAdamIkdalATAGLANCERevenuegrowthisanimperative.Itisthemostimportantdriveroflong-termshareholderreturns.Itispossibleeveninthemostchalleng-ingsectors.Butitisperilous:manycompaniesgrowonlytode
2、stroyvalueintheattempt.SevenGrowthLeversInthinkingaboutwheretoplayandhowtowin,companieshavesevenleverstopull:corporate-portfoliorepositioning,go-to-markettransfor-mation,geographicexpansion,innovation,mergersandacquisitions,businessmodelinnovation,andorganiza
3、tionandculture.ThreeGrowthArchetypesAcompany’sstartingpositionshouldguideitsgrowthchoices.Threestarting-positionarchetypes—fortress,fading,andfluid—suggestwhichgrowthmovesaremostlikelytocreatevalue.CommonBestPracticesAcrossallstartingpositions,therearecertain
4、disciplinesfollowedbyvalue-creatinggrowers.PartoftheWinningwithGrowthseries#bcgGrowthWhentheGrowingGetsTough,theToughGetGrowingTherearethreetruthsaboutrevenuegrowth.Overtime,itisimperative.Acrossallindustries,itispossible.Andexperienceshowsthatitisperilous.Gr
5、owthisimperativebecauseitstrengthenscompaniesanddrivesthecapitalgainstheydelivertoshareholders.Itbuildsadvantagesofscaleandscope,attractstalent,deliversfundsforreinvestment,andforcescompetitorinvestment.Studyingthetop-quartilevaluecreatorsintheS&PGlobal1200fr
6、om1993through2013isrevealing.Evenintheshortterm,revenuegrowthaccountedfor32percentofone-yeartotalshare-holderreturn—morethantwicethecontributionofincreasedfreecashflowandnearlytriplethatofmarginexpansion.Andinthelongterm,revenuegrowthwasnearlyallthatmattered,
7、explaining71percentoften-yearTSR.(SeeExhibit1.)Exhibit1
8、GrowthIsImperativeSourcesofTSRfortop-quartileperformers(S&PGlobal1200,1993–2013)AnnualTSR(%)4032301522204014191513161111112221817103248577101year3years5years10yearsFreecashflow(%)Multiple(%)Margin(%)Reven
9、uegrowth(%)Source:BCGanalysis.Note:Becauseofrounding,notallpercentagesaddupto100.Manyexecutives,soberedbygrowthheadwindsorpastfailures,considergrowthalongshot.However,ouranalysisshowsthat