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mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/chris-bradley" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Chris Bradley</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/rebecca-doherty" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Rebecca Doherty</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Tido Röder<span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/jill-zucker" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Jill Zucker</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Ten rules should guide how companies select pathways to profitable growth, but each rule’s impact on performance varies considerably.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Fstrategy%20and%20corporate%20finance%2Four%20insights%2Fgrowth%20rules%20which%20matter%20most%2Fgrowth-rules-which-matter-most.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="growth-rules-which-matter-most" data-layer-report-name="growth-rules-which-matter-most>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (4 pages)</span></a></div></div></div></div> <p><strong>In a <a href="/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint">recent article</a>,</strong> we explained that achieving sustainable, profitable growth requires companies to actively <em>choose</em> growth through a holistic approach comprising three elements: developing an aspirational mindset and culture, activating pathways, and executing with excellence.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="afb0ede4-d98c-4c11-942d-4e0c418acb98"><sup class="FootNote_footnotesup__e73z_">1</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="afb0ede4-d98c-4c11-942d-4e0c418acb98" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline"> “<a href="/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint">Choosing to grow: The leader’s blueprint</a>,” McKinsey, July 7, 2022.</span></span></span></a></span> We then set out to bring those pathways to life through the <a href="/capabilities/strategy-and-corporate-finance/our-insights/the-ten-rules-of-growth">ten rules of growth</a> (see sidebar, “The ten rules of value-creating growth”), based on an in-depth study of the growth patterns and performance of the world’s largest public companies.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="e29c044d-8b07-49e3-8215-7c9a08f76505"><sup class="FootNote_footnotesup__e73z_">2</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="e29c044d-8b07-49e3-8215-7c9a08f76505" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline"> Chris Bradley, Rebecca Doherty, Nicholas Northcote, and Tido Röder, “<a href="/capabilities/strategy-and-corporate-finance/our-insights/the-ten-rules-of-growth">The ten rules of growth</a>,” McKinsey, August 12, 2022.</span></span></span></a></span> </p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--display-column___X0HDD_2734c4f SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_2734c4f" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--default___f-hQM_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--radial___y3csX_2734c4f mdc-c-icon--size-xxl___cL3ZT_2734c4f mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>The ten rules of value-creating growth</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body"><p><strong>Our research suggests</strong> ten imperatives that should guide how executives pursue growth pathways.</p> <ol> <li><em>Put competitive advantage first.</em> Do you have a winning, scalable business model? </li> <li><em>Make the trend your friend.</em> Will your strategy shift your portfolio toward granular pockets of profitable market growth? </li> <li><em>Don’t be a laggard.</em> How do you benchmark your growth to that of your peers, and are you running faster? </li> <li><em>Turbocharge your core.</em> Is your core business primed for growth? If not, what will it take to reignite that growth? </li> <li><em>Look beyond the core.</em> A typical business generates 20 percent of revenue outside the core. Does yours? </li> <li><em>Grow where you know.</em> Are you prioritizing new business opportunities where you are a natural owner? </li> <li><em>Be a local hero.</em> Do you have a winning formula for your home market? </li> <li><em>Go global if you can beat local.</em> Do you have a transferable advantage that can be leveraged to expand internationally?</li> <li><em>Acquire programmatically.</em> Do you have a blueprint that outlines why, where, and how you will pursue programmatic M&A? </li> <li><em>It’s OK to shrink to grow.</em> Are there parts of your portfolio that you can divest to fund growth? </li> </ol></div></div></div></div></div></div> <p>We have since discussed this “growth code” with dozens of executives and boards to help them calibrate their growth strategies. In these conversations, one question keeps recurring: Are all these rules equally important? </p> <p>The answer, of course, is no. The impact of near-core diversification or international expansion, programmatic M&A strategies or industry outperformance will depend heavily on a company’s context. But on average, what is the relative importance of each rule for a typical growth strategy? </p> <p>To find the empirical answer, we went back to our data set of nearly 1,600 companies and looked at how mastering each rule would affect an organization’s probability of achieving TSR higher than its industry median. We then derived each rule’s relative impact on the probability of TSR outperformance. The resulting ranking lists the ten rules based on their relative impact: companies that mastered the rule were between 1.1 to 1.7 times more likely to beat their industries than those that had not (exhibit). </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/growth%20rules%20which%20matter%20most/svgz-growth-rules-ex1.svgz?cq=50&cpy=Center"/><img alt="The ten rules of growth differ in how they impact returns." src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/growth%20rules%20which%20matter%20most/svgz-growth-rules-ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>While the first rule—“put competitive advantage first”—falls in the middle of the pack, having a clear source of competitive advantage is a prerequisite for profitable growth. Companies with low returns need to transform their business models before investing in growth—otherwise, they might struggle to attract and deploy growth capital. Mastering this rule makes companies 1.3 times more likely to outperform their industries on shareholder returns. </p>  <p> “Don’t be a laggard” is the rule that emerged at the top of our ranking. Winning market share away from competitors is a sign of a superior business model, which investors tend to reward. As a result, such companies are 1.7 times more likely to generate peer-beating returns than those lagging behind their industries. While faster growth typically correlates with better returns, we were surprised that outgrowing your peers matters so much more than simply being in a fast-growing market (“make the trend your friend”). </p> <p>Two rules—“turbocharge your core” and “be a local hero”—covering investment in growth within a company’s core industry or region (those contributing the largest share of revenue) have the second-highest impact of all the rules, at 1.6 times. This makes intuitive sense, as it is very difficult (although not impossible) to achieve enterprise-level growth if the largest parts of your portfolio are not firing on all cylinders. The takeaway is that companies with slow-growing cores should take a fine-grained view of their markets to unearth granular pockets of opportunity—for example, subdividing markets into combinations of customer or business segments and regions—to ensure they allocate capital to the fastest-growing combinations. Companies that lack this option should consider divesting underperforming parts of their portfolios, freeing up capital to pivot to other industries or regions (see the tenth rule, “shrink to grow,” which generates similarly positive returns). </p> <p>Three of the rules (“look beyond the core,” “grow where you know,” and “go global if you can beat local”) highlight the importance of pursuing growth beyond the core. Across our sample, about 20 percent of total growth came from industries outside the companies’ core business, and 50 percent of all growth came from international markets. Businesses that leverage a source of competitive or ownership advantage to expand into adjacent industries or geographies are 1.2 to 1.3 times more likely to generate peer-beating returns than those that focus solely on their core. The implications for growth strategy are clear: keep refreshing your portfolio of businesses and continuously scan for new growth markets. </p> <p>Finally, this research reaffirms the <a href="/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal">long-established fact</a> that it is difficult for companies to consistently generate value-creating growth purely organically or through large acquisitions.<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_inactive__VZfCp" aria-describedby="ed634c82-d169-4cf9-8f73-b4a6e88eac69"><sup class="FootNote_footnotesup__e73z_">3</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="ed634c82-d169-4cf9-8f73-b4a6e88eac69" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline"> Robert Uhlaner and Liz Wol, “<a href="/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal">Programmatic M&A: Winning in the new normal</a>,” McKinsey, March 21, 2022.</span></span></span></a></span> Those with a programmatic approach to M&A (the ninth rule) are 1.2 times more likely to deliver peer-beating returns and successfully unlock the key growth pathways of expanding the core, innovating into adjacencies, and igniting breakout businesses. </p> <p>While the impact of individual rules may differ, the biggest benefits come from combining them. In other words, the more rules companies master, the better they will perform. On average, companies that mastered two or three rules generated industry median shareholder returns, while the 38 percent of companies that mastered four or more generated more than four points of excess shareholder returns. </p> <p>A deeper understanding of the relative importance of growth levers can help executives prioritize growth opportunities. But remember that sustaining profitable growth requires pairing winning strategies with an organization-wide commitment to “choosing growth,” backed by strong execution.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong><a href="/our-people/chris-bradley">Chris Bradley</a></strong> is a senior partner in McKinsey’s Sydney office, <a href="/our-people/rebecca-doherty"><strong>Rebecca Doherty</strong></a> is a partner in the Bay Area office, <strong>Tido Röder</strong> is an associate partner in the Munich office, and <a href="/our-people/jill-zucker"><strong>Jill Zucker</strong></a> is a senior partner in the New York office.</p> <hr> <p> This article was edited by Joanna Pachner, an executive editor in the Toronto office.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" 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class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/capabilities/strategy-and-corporate-finance/our-insights/the-ten-rules-of-growth" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>The ten rules of growth</div></a></h6></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-choos-0 { aspect-ratio: 16/9 }</style><img alt="illustration ominous glowing orb" class="picture-uniqueKey-choos-0" src="/~/media/mckinsey/business%20functions/marketing%20and%20sales/our%20insights/choosing%20to%20grow%20the%20leaders%20blueprint/gms-choose-grow-1536x1536.jpeg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Article</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>Choosing to grow: The leader’s blueprint</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Growth rules Which matter most","displayName":"Growth rules Which matter most","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"768c7035-6523-49d0-b1ff-413f83c708c2","itemLanguage":"en","itemVersion":4,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Growth rules: Which matter most?"}},"sEOTitle":{"value":"The 10 rules for a winning company growth strategy"},"description":{"jsonValue":{"value":"Ten rules should guide how companies select pathways to profitable growth, but each rule’s impact on performance varies considerably."}},"sEODescription":{"value":"What are the most important rules for a typical company growth strategy? Find out as we rank the impact of each rule based on a study of nearly 1,600 companies."},"displayDate":{"jsonValue":{"value":"2023-03-06T00:00:00Z"}},"body":{"value":"[[audio 1]]\n[[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eIn a \u003ca href=\"/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint\"\u003erecent article\u003c/a\u003e,\u003c/strong\u003e we explained that achieving sustainable, profitable growth requires companies to actively \u003cem\u003echoose\u003c/em\u003e growth through a holistic approach comprising three elements: developing an aspirational mindset and culture, activating pathways, and executing with excellence.[[Footnote 1]] We then set out to bring those pathways to life through the \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/the-ten-rules-of-growth\"\u003eten rules of growth\u003c/a\u003e\u0026nbsp;(see sidebar, \u0026ldquo;The ten rules of value-creating growth\u0026rdquo;), based on an in-depth study of the growth patterns and performance of the world\u0026rsquo;s largest public companies.[[Footnote 2]] \u003c/p\u003e\n[[Sidebar 1]]\n\u003cp\u003eWe have since discussed this \u0026ldquo;growth code\u0026rdquo; with dozens of executives and boards to help them calibrate their growth strategies. In these conversations, one question keeps recurring: Are all these rules equally important? \u003c/p\u003e\n\u003cp\u003eThe answer, of course, is no. The impact of near-core diversification or international expansion, programmatic M\u0026amp;A strategies or industry outperformance will depend heavily on a company\u0026rsquo;s context. But on average,\nwhat is the relative importance of each rule for a typical growth strategy? \u003c/p\u003e\n\u003cp\u003eTo find the empirical answer, we went back to our data set of nearly 1,600 companies and looked at how mastering each rule would affect an organization\u0026rsquo;s probability of achieving TSR higher than its industry median. We then derived each rule\u0026rsquo;s relative impact on the probability of TSR outperformance. The resulting ranking lists the ten rules based on their relative impact: companies that mastered the rule were between 1.1 to 1.7 times more likely to beat their industries than those that had not (exhibit). \u003c/p\u003e\n[[Exhibit 1]]\n\u003cp\u003eWhile the first rule\u0026mdash;\u0026ldquo;put competitive advantage first\u0026rdquo;\u0026mdash;falls in the middle of the pack, having a clear source of competitive advantage is a prerequisite for profitable growth. Companies with low returns need to transform their business models before investing in growth\u0026mdash;otherwise, they might struggle to attract and deploy growth capital. Mastering this rule makes companies 1.3 times more likely to outperform their industries on shareholder returns. \u003c/p\u003e\n[[MostPopularArticles 5]]\n\u003cp\u003e \u0026ldquo;Don\u0026rsquo;t be a laggard\u0026rdquo; is the rule that emerged at the top of our ranking. Winning market share away\nfrom competitors is a sign of a superior business model, which investors tend to reward. As a result, such companies are 1.7 times more likely to generate peer-beating returns than those lagging behind their industries. While faster growth typically correlates with better returns, we were surprised that outgrowing your peers matters so much more than simply being in a fast-growing market (\u0026ldquo;make the trend your friend\u0026rdquo;). \u003c/p\u003e\n\u003cp\u003eTwo rules\u0026mdash;\u0026ldquo;turbocharge your core\u0026rdquo; and \u0026ldquo;be a local hero\u0026rdquo;\u0026mdash;covering investment in growth within a company\u0026rsquo;s core industry or region (those contributing the largest share of revenue) have the second-highest impact of all the rules, at 1.6 times. This makes intuitive sense, as it is very difficult (although not impossible) to achieve enterprise-level growth if the largest parts of your portfolio are not firing on all cylinders. The takeaway is that companies with slow-growing cores should take a fine-grained view of their markets to unearth granular pockets of opportunity\u0026mdash;for example, subdividing markets into combinations of customer or business segments and regions\u0026mdash;to ensure they allocate capital to the fastest-growing combinations. Companies that lack this option should consider divesting underperforming parts of their portfolios, freeing up capital to pivot to other industries or regions (see the tenth rule, \u0026ldquo;shrink to grow,\u0026rdquo; which generates similarly positive returns). \u003c/p\u003e\n\u003cp\u003eThree of the rules (\u0026ldquo;look beyond the core,\u0026rdquo; \u0026ldquo;grow where you know,\u0026rdquo; and \u0026ldquo;go global if you can beat local\u0026rdquo;) highlight the importance of pursuing growth beyond the core. Across our sample, about 20 percent of total growth came from industries outside the companies\u0026rsquo; core business, and 50 percent of all growth came from international markets. Businesses that leverage a source of competitive or ownership advantage to expand into adjacent industries or geographies are 1.2 to 1.3 times more likely to generate peer-beating returns than those that focus solely on their\ncore. The implications for growth strategy are clear: keep refreshing your portfolio of businesses and continuously scan for new growth markets. \u003c/p\u003e\n\u003cp\u003eFinally, this research reaffirms the \u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal\"\u003elong-established fact\u003c/a\u003e\u0026nbsp;that it is difficult for companies to consistently generate value-creating growth purely organically or through large acquisitions.[[Footnote 3]] Those with a programmatic approach to M\u0026amp;A (the ninth rule) are 1.2 times more likely to deliver peer-beating returns and successfully unlock the key growth pathways of expanding the core, innovating into adjacencies, and igniting breakout businesses. \u003c/p\u003e\n\u003cp\u003eWhile the impact of individual rules may differ, the biggest benefits come from combining them. In other words, the more rules companies master, the better they will perform. On average, companies that mastered two or three rules generated industry median shareholder returns, while the 38 percent of companies that mastered four or more generated more than four points of excess shareholder returns. \u003c/p\u003e\n\u003cp\u003eA deeper understanding of the relative importance of growth levers can help executives prioritize growth opportunities. But remember that sustaining profitable growth requires pairing winning strategies with an organization-wide commitment to \u0026ldquo;choosing growth,\u0026rdquo; backed by strong execution.\u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2023-03-06T00:00:00Z"}},"footnotes":{"value":"\u003col\u003e\n \u003cli\u003e \u0026ldquo;\u003ca href=\"/capabilities/growth-marketing-and-sales/our-insights/choosing-to-grow-the-leaders-blueprint\"\u003eChoosing to grow: The leader\u0026rsquo;s blueprint\u003c/a\u003e,\u0026rdquo; McKinsey, July 7, 2022.\u003c/li\u003e\n \u003cli\u003e Chris Bradley, Rebecca Doherty, Nicholas Northcote, and Tido R\u0026ouml;der, \u0026ldquo;\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/the-ten-rules-of-growth\"\u003eThe ten rules of growth\u003c/a\u003e,\u0026rdquo; McKinsey, August 12, 2022.\u003c/li\u003e\n \u003cli\u003e Robert Uhlaner and Liz Wol, \u0026ldquo;\u003ca href=\"/capabilities/strategy-and-corporate-finance/our-insights/programmatic-m-and-a-winning-in-the-new-normal\"\u003eProgrammatic M\u0026amp;A: Winning in the new normal\u003c/a\u003e,\u0026rdquo; McKinsey, March 21, 2022.\u003c/li\u003e\n\u003c/ol\u003e"},"contributoryPractice":{"targetItems":[{"displayName":"Strategy \u0026 Corporate Finance"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003e\u003ca href=\"/our-people/chris-bradley\"\u003eChris Bradley\u003c/a\u003e\u003c/strong\u003e is a senior partner in McKinsey\u0026rsquo;s Sydney office, \u003ca href=\"/our-people/rebecca-doherty\"\u003e\u003cstrong\u003eRebecca Doherty\u003c/strong\u003e\u003c/a\u003e\u0026nbsp;is a partner in the Bay Area office, \u003cstrong\u003eTido R\u0026ouml;der\u003c/strong\u003e is an associate partner in the Munich office, and \u003ca href=\"/our-people/jill-zucker\"\u003e\u003cstrong\u003eJill Zucker\u003c/strong\u003e\u003c/a\u003e\u0026nbsp;is a senior partner in the New York office.\u003c/p\u003e\n\u003chr\u003e\n\u003cp\u003e This article was edited by Joanna Pachner, an executive editor in the Toronto office.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"8AAB71EC20FD41579E4F9561358725D9","name":"Chris Bradley","authorTitle":{"value":"Chris Bradley"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/chris bradley/chris-bradley_8317_fc-mask_1536x1152.png","alt":"Chris Bradley"},"emailLinks":{"value":"Chris_Bradley@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/chrisdbbradley"},"description":{"value":"Leads research on global economic, business, and tech trends and works on strategic transformations for organizations across sectors"},"locations":{"targetItems":[{"name":"Sydney","displayName":"Sydney"}]},"firmTitle":{"value":"McKinsey Global Institute Director and Senior Partner"},"thumbnailImage":{"alt":"Chris Bradley","src":"/~/media/mckinsey/our people/chris bradley/chris-bradley_8317_fc-mask_988x741.png"},"url":{"path":"/our-people/chris-bradley"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"456FF124DD61464CB7C9F3A9CC8D26C0","name":"Rebecca Doherty","authorTitle":{"value":"Rebecca Doherty"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/rebecca doherty/rebecca-doherty_profile_1536x1152.jpg","alt":"Rebecca Doherty"},"emailLinks":{"value":"Rebecca_Doherty@McKinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/rebecca-doherty-45b7341/"},"description":{"value":"Counsels executives on strategies for growth, working with companies to implement growth transformations and M\u0026A "},"locations":{"targetItems":[{"name":"Bay Area","displayName":"Bay Area"}]},"firmTitle":{"value":"Partner"},"thumbnailImage":{"alt":"Rebecca Doherty","src":"/~/media/mckinsey/our people/rebecca doherty/rebecca-doherty_headshot_988x741.jpg"},"url":{"path":"/our-people/rebecca-doherty"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"0013D21CF3EE4285B712A0F169A77359","name":"Tido Roder","authorTitle":{"value":"Tido Röder"},"description":{"value":""},"thumbnailImage":{"alt":"Tido Röder","src":"/~/media/mckinsey/our people/tido roder/tido.jpg"},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"6298422BACF5401A84E01CA3D6669FA6","name":"Jill Zucker","authorTitle":{"value":"Jill Zucker"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/jill zucker/jill_zucker_fc_mask_profile_1536x1152.jpg","alt":" Jill Zucker"},"emailLinks":{"value":"Jill_Zucker@mckinsey.com"},"linkedInUrl":{"value":""},"description":{"value":"Brings a unique perspective to help clients anticipate the changing needs of consumers in financial services and adjacent markets"},"locations":{"targetItems":[{"name":"New York","displayName":"New York"}]},"firmTitle":{"value":"Senior Partner"},"thumbnailImage":{"alt":" Jill Zucker","src":"/~/media/mckinsey/our people/jill zucker/jill_zucker_fc-mask_headshot_988x741.jpg"},"url":{"path":"/our-people/jill-zucker"}}]}}]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":{"targetItem":null},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"The ten rules of 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Does yours? \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eGrow where you know.\u003c/em\u003e Are you prioritizing new business opportunities where you are a natural owner? \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eBe a local hero.\u003c/em\u003e Do you have a winning formula for your home market? \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eGo global if you can beat local.\u003c/em\u003e Do you have a transferable advantage that can be leveraged to expand internationally?\u003c/li\u003e\n \u003cli\u003e\u003cem\u003eAcquire programmatically.\u003c/em\u003e Do you have a blueprint that outlines why, where, and how you will pursue programmatic M\u0026amp;A? \u003c/li\u003e\n \u003cli\u003e\u003cem\u003eIt\u0026rsquo;s OK to shrink to grow.\u003c/em\u003e Are there parts of your portfolio that you can divest to fund growth? \u003c/li\u003e\n\u003c/ol\u003e"}},"aboutTheAuthors":{"jsonValue":{"value":""}},"headline":{"jsonValue":{"value":"The ten rules of value-creating growth"}},"footnotes":{"value":""},"showShareTools":{"boolValue":true},"backgroundColor":{"targetItem":{"key":{"value":"Lightest Grey"},"value":{"value":"lightest-grey"}}},"gradientDirection":{"targetItem":{"key":{"value":"Bottom Right"},"value":{"value":"bottom-right"}}},"renderMode":{"targetItem":{"key":{"value":"Collapsible"},"value":{"value":"default"}}},"isAboutAuthor":{"boolValue":false},"background":{"targetItem":null},"image":{"src":null,"alt":""}}]},"boxout":{"results":[]},"globalsidebar":{"results":[]},"video":{"results":[]},"scrollycontainer":{"results":[]},"bespokeinteractive":{"results":[]},"storycontainer":{"results":[]},"interactive":{"results":[]},"sectionheader":{"results":[]},"statementdisruptor":{"results":[]},"fullbleedphoto":{"results":[]},"tocitem":{"results":[]},"quizcontainer":{"results":[]},"generalup":{"results":[]},"twoupmedium":{"results":[]},"accordion":{"results":[]},"factoid":{"results":[]},"promobarwithquote":{"results":[]},"oneupmedium":{"results":[]},"oneupmediumquote":{"results":[]},"gridwall":{"results":[]},"twoupsmall":{"results":[]},"oneclicksubscribe":{"results":[]},"promobar":{"results":[]},"promobanner":{"results":[]},"sectionhero":{"results":[]},"threeuplinklist":{"results":[]},"table":{"results":[]},"explainertooltip":{"results":[]},"isFiveFiftyHorizontalArticle":{"boolValue":false},"fiveFifty":{"results":[]}},"contextItem":{"ancestors":[{"breadCrumbUrl":{"path":"/capabilities/strategy-and-corporate-finance/our-insights"},"breadCrumbTitle":{"value":"Our Insights"},"isMiniSite":{"boolValue":false},"displayName":"Strategy \u0026 Corporate Finance Insights","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}},{"breadCrumbUrl":{"path":"/capabilities/strategy-and-corporate-finance/how-we-help-clients"},"breadCrumbTitle":null,"isMiniSite":{"boolValue":true},"displayName":"Strategy \u0026 Corporate Finance","template":{"id":"414C6C64AD35440E9668CF39D8A18CCF"}},{"breadCrumbUrl":{"path":"/capabilities"},"breadCrumbTitle":{"value":"Capabilities"},"isMiniSite":{"boolValue":false},"displayName":"Capabilities","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}},{"breadCrumbUrl":{"path":"/"},"breadCrumbTitle":{"value":""},"isMiniSite":{"boolValue":false},"displayName":"Home","template":{"id":"85FF05307883480F9A4C82123F72FFD8"}}]}}},"placeholders":{"main-area":[],"sidebar-area":[]}}]}},"itemId":"768c7035-6523-49d0-b1ff-413f83c708c2","pageEditing":false,"site":{"name":"website"},"pageState":"normal","language":"en","pageMetaData":{"alternateLanguages":[{"languageCode":"en","displayName":"English","url":"/capabilities/strategy-and-corporate-finance/our-insights/growth-rules-which-matter-most"}],"currentLanguage":"en","navigationLink":"capabilities","activeItemId":"{6FC6FF30-E964-4D27-94F0-A71008220644}","miniSiteId":"{50D1B9C6-D63B-4439-85D4-6D582C0B965F}","officeCode":"","officeDisplayName":"","subscriptionPracticeData":null,"isAlaisedPage":false,"originalHostName":"www.mckinsey.com","updatedDate":"2023-03-27T11:51:35Z","createdDate":"2023-03-01T20:05:36Z","practice":{"isDefaultPractice":false,"name":"Strategy","code":"N12","stickyTitle":"Sign up for emails on new Strategy articles","stickySubtitle":"Never miss an insight. 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