Growth series: 3 key factors for growth


Focus on customers, intentionality and context


After a few years of confronting digital transformation accelerated by the pandemic, supply chain challenges, and soaring inflation, many organizations are looking to the future with a radically changed view of how they can pursue growth.


Many are in the middle stages of integrating acquisitions after the unprecedented M&A frenzy of late 2021. Some have implemented new technology in an effort to create efficiencies, offset labor shortages or gain access to new markets.


There’s a lot to consider. Leaders from Grant Thornton LLP gathered to talk about how organizations can put their best foot forward in their quest for growth after working through a tumultuous few years.


This eight-part series captures their discussions and provides valuable insight for organizational leaders in their continued pursuit of growth.


They discussed the three keys to growth for any organization:

  • Focusing on your customer
  • Working with intentionality
  • Understanding your context for growth



2:36 | Transcript



More growth insights







Fulfilling customer needs





Sales strategies need alignment


Chris Smith, Grant Thornton’s Chief Strategy Officer, said growth starts with defining and segmenting customers, listening to the needs they express and drawing inferences about the needs that they aren’t expressing.


“What are the average personas and profiles of your segments, and what do they really need and want?” Smith said.


After developing an understanding of customers’ needs, organizations need to align their marketing and sales strategies to fulfill those needs.


There is much work to be done in this area. Eighty-two percent of respondents to Grant Thornton’s Q4 2022 CFO survey said they plan to increase investments in demand generation over the next 12 months, and 81% plan to spend more on customer retention.


Spending this money appropriately requires close alignment with business strategy.


CFOs plan to increase spending on customer retention and demand generation, according to this bar chart from the Grant Thornton CFO survey for the fourth quarter of 2022.

4:15 | Transcript


Maintaining profitability





Revenue isn’t the sole consideration


While the emphasis on growth often is most closely associated with increasing revenue and market share, discipline is required to maintain or increase profitability while pursuing growth.


Growth needs to be scaled to fit what a company’s foundation can support, and it needs to lead to profit margins that are sustainable. When acquisitions occur, synergies need to be realized to achieve meaningful growth.




3:15 | Transcript


Sustaining growth


Growth for growth’s sake can be fatal


Successful, sustainable growth requires responsible cost management and a commitment to help an organization’s people navigate through change and continue to thrive. A focus on topline growth without this can undermine the story of profitability and sustainability.


As this video series continues, Grant Thornton professionals will provide deeper expert commentary on many aspects of organic and inorganic growth, addressing important topics such as operations, cybersecurity, human resources and market research.


These in-depth discussions can enable a detailed understanding of how organizational leaders can drive growth while enhancing profitability and satisfying the needs of customers and the workforce.




Content disclaimer

This Grant Thornton Advisors LLC content provides information and comments on current issues and developments. It is not a comprehensive analysis of the subject matter covered. It is not, and should not be construed as, accounting, legal, tax, or professional advice provided by Grant Thornton Advisors LLC. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this content.

Grant Thornton Advisors LLC and its subsidiary entities are not licensed CPA firms.

For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.


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