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Why Some Companies Grow Amid Uncertainty — and Others Don’t

• Simon Freakley
• David Garfield

A survey of 3,000 global executives suggests that it’s not strategic thinking that sets them apart. It’s their inclination to move quickly.

When you cannot base strategy on reasonably certain premises — or when those reasonable premises are undone by unforeseeable events — what is a company to do? You still have to make plans, allocate capital, and invest for the future. Some argue that agility is the key to thriving in disruptive times, but if all you do is pivot, you are just going around in circles. The annual AlixPartners Disruption Index surveys 3,000 global executives about what is knocking them sideways. Among other things, it shows that three out of five say that it is increasingly challenging to know which disruptive forces to prioritize. Amid all this, there is a group of companies doing very well: about one in five said their companies lead their industry in revenue growth. In this article, the authors dig into that 2024 data to find out what sets these companies apart, and what other companies can learn from them about setting growth strategy in an uncertain world.

Strategic planning plays a key role in helping companies anticipate and manage business cycles. But forces like emerging digital technologies, climate change, and deglobalization — not to mention “black swan” events like the Covid-19 pandemic and wars — have turned a rolling sea into a choppy one, where companies are beset by currents, crosscurrents, riptides, and squalls. This multiplicity of related, unrelated, and inter-related difficulties have one thing in common: They are unpredictable.

• SF Simon Freakley is the Chief Executive Officer of AlixPartners, a post he has held since 2015. He is based in New York.
• David Garfield is a Chicago-based partner and managing director of AlixPartners, and the global leader for the firm’s industry practices.

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Are you a growth leader? The seven beliefs and behaviors that growth leaders share

What makes someone a growth leader? In conversations we’ve had with business leaders, the answer tends to boil down to a variation of “I know it when I see it.” But it turns out that there is a specific set of attributes that growth leaders share.

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After carrying out a survey of 165 C-suite executives and senior vice presidents with growth responsibilities and conducting in-depth interviews with 20 executives, we found that growth leaders 1 For the purposes of our research, we defined growth leaders as executives of companies that achieved a compound annual growth rate more than 4 percent higher than their peers, coupled with higher profit margins. Respondents came from both North America and the European Union, and occasionally there were regional variations in their methodology. have seven specific beliefs and behaviors.

Furthermore, our research shows that executives who adopt more than 70 percent of these mind-sets manage to grow their top line twice as fast as their peers. We’ve boiled down these beliefs and behaviors to seven statements that reflect the convictions of today’s growth leaders.

1. I am all in.

Always put growth first. Growth leaders put growth at the top of every agenda, from board meetings to performance reviews. As the president of a global consumer goods company put it, “Growth is priority number one, two, and three.” This disciplined focus on growth is reflected in a profound belief that “growth is everywhere” and opportunities to outgrow peers can be found in every industry.

That mind-set is supported by our research. From other McKinsey analysis , our findings show that there is a growth-capability gap of 20 to 46 percentage points between top and bottom performers. This indicates that growth is possible in any industry when growth leaders back up their faith with committed action.

Growth leaders also demonstrate this kind of commitment by constantly scouring for funds to invest in growth. They have a clear vision of where every incremental dollar they find should be invested, and they actively manage that allocation by helping those affected (shareholders, owners) understand why.

Keep raising the bar. No matter how ambitious growth targets are, the legacy business will revert to business as usual unless constantly challenged to be more aspirational. Growth leaders do this by setting targets that seem almost impossible to reach, forcing teams to strive for greater impact. The CMO at one tech company told us that the CEO set growth targets at three times the market rate, adding, “We exceeded two-and-a-half times market growth. We were rewarded for pushing hard and not hurt if we failed.”

Growth leaders are 50% more likely to treat growth as the first or second item on the agenda when speaking to the board

Unite the business around growth. Growth leaders make growth the central focus of everyone in the business by creating a common belief and language. For example, they cocreate growth goals and metrics with their leadership teams and then help translate them into metrics for every individual at every level. Establishing this kind of shared and cocreated language binds employees together to think about how they can contribute to top-line growth. One technology-company leader created a single set of growth targets that tied directly to the incentives of 250 managers across the business: “Whether you’re in legal, marketing, sales, or service, you’re bound by the same aspirations.”

2. I am willing to fail.

Make plenty of bets. Growth leaders make more growth bets than their peers. They create a portfolio of initiatives, protecting the necessary resources and funding. In fact, growth leaders in Europe are 70 percent more likely to make multiple growth bets rather than just a couple. By managing a scaled portfolio of growth bets, they improve their probabilities of success while diversifying risk. A former tech-company board member explained, “Winning big has such huge rewards that it’s more important than how often you lose.”

Growth leaders are 70% more likely to make multiple long-term growth bets rather than just a few (in the European Union)

Back the risk takers. Effective leaders have always been good at delegating, but growth leaders go a step further by instilling a culture that empowers people to make decisions. Some 40 percent of growth leaders in North America, for example, are more likely to be comfortable with middle managers and frontline employees making important decisions.

Growth leaders are 70% more likely to protect or set aside money in the budget to fund growth initiatives, teams, and capabilities (in North America)

Growth leaders set clear and ambitious goals (#1) and communicate progress effectively to the business (#6), but then they step out of the way so that people in the business can iterate on solutions to deliver on the growth aspirations. That starts by encouraging risk taking even at the smallest level and celebrating rather than punishing people for trying. As a former CMO of a technology company put it, “If you want people to lead your business into growth, things will go wrong. Having support helps people become risk takers.” EU growth leaders are 40 percent more likely to have explicit incentives to reward risk taking in their teams.

3. I know my customer as a person, not as a data point.

Growth leaders are 70% more likely to build an understanding of customers’ needs through formal and informal methods (ethnography, surveys, in-store visits, etc)

Take the customer’s side. Most business leaders believe they put the customer first. But the truth is that the pressures of leading a large business—shareholder relations, risk management, and so on—mean that the customer too often becomes an afterthought. Growth leaders are resolute, however, in putting the customer at the center of all their decisions. An executive at a global apparel brand admitted, “Whenever I’m in meetings and being presented with options to decide on, my first question is, ‘What’s in it for the customer?’”

Growth leaders are 50% more likely to build an organization that puts the customer first (in North America)

Make it personal. Many of the best companies have strong customer-insights organizations. Customer insights and analytics are crucial to supporting growth. But growth leaders go the extra mile by embracing design thinking and taking the time to build empathy with the customer. As the executive at a manufacturing company, who spent a whole day shadowing one customer, put it: “I followed this customer from 6:30 in the morning until he went home at the end of the day. That gave me so much insight into what he needed, what his fears were, and what we could do as a company.”

4. I favor action over perfection.

Put yourself on the line. Growth decisions can make or break a career. Growth leaders aren’t afraid to take that risk. That can mean trading short-term gains for long-term benefit or making large resource-reallocation decisions. But they understand that that’s what’s needed for growth, and they role-model the behavior they want others to adopt.

When the managing director of a transport company lowered prices to increase its number of passengers by 20 percent in a declining market, this director accepted the need for bold moves: “Growth is worth the risk.” Whenever a new-customer offer was planned, the pricing team would work out how much value was at risk and put it in a document. The director would then sign it, making a public declaration to take on this risk personally.

Act on “good enough” insights. Good data are crucial for good decisions, but growth leaders value speed over perfect insights. They don’t wait for perfect data. Instead, they use the data they have to make a thoughtful decision, pursue it vigorously, and then reevaluate based on results. As one growth leader from a tech company explained, “Always look for opportunities around you, and be willing to jump.”

Growth leaders are 70% more likely to prioritize speed over perfection (in North America)

Face the facts. When the facts are clear that a business or product is underperforming, growth leaders are decisive in killing them off. Continually allocating resources to proven growth options or new initiatives that promise a better return on investment is a crucial leadership discipline, even if it means saying goodbye to beloved brands or products. The leader at one fast-moving consumer-goods (FMCG) company instituted a process that labeled any service or product that wasn’t yielding growth a “zombie.” Leadership sent business units a quarterly hit list that helped the company eliminate 700 zombies within a year.

5. I fight for growth.

Avoid short-termism. Leaders face huge pressures to deliver results in the short term. While growth leaders understand that reality, they don’t sacrifice long-term growth. To help guard against those pressures, they make deliberate resource-allocation decisions that position the business for future growth. As the CMO of a telecom company put it, “I assign 50 percent of resources to the first year, 30 percent to the second year, and 20 percent to year three. That means you don’t keep falling off a cliff at the end of every year, and you build sustainable growth.”

Growth leaders are also vigilant in keeping the organization from clawing back those resources, as so often happens. Among leaders in North America, 70 percent are more likely than their peers to protect or set aside money in the budget to fund growth initiatives, teams, and capabilities.

Break down internal barriers. Growth is a team sport, but functional leaders often jealously guard their turf, which undermines many promising initiatives. Growth leaders actively seek out the conflicts and eliminate them. They break down silos, diffuse turf battles, and provide support for strained resources to clear the path for their teams to deliver.

The leader at a global beverages company, for example, created a central growth office to merge marketing, customer insights, and commercial groups into one unit with a clear mandate—and shared accountability—for growth. This move helped eliminate the functional silos that were impeding progress.

Growth leaders are 60% more likely to have a clear multiyear mandate to pursue growth initiatives, coupled with the autonomy to do so without having to show short-term results

6. I have a growth story I tell all the time.

Infuse the business with purpose. Growth leaders know that purpose is power and that communication is about more than the what of growth; it’s the why. Articulating a purpose that goes beyond brands, categories, and businesses is an effective way that growth leaders rally the whole organization. Growth leaders in the European Union are, for example, 70 percent more likely to ensure that every employee understands the growth strategy and what it means for them. Says the CMO of a major consumer company: “Everybody needs purpose. Employees thrive on it, society expects it, and it delivers growth.”

Growth leaders are 80% more likely to communicate growth successes often (in the European Union)

Communicate, communicate, communicate. While business leaders understand the need to communicate, they tend to underestimate its importance. Not so, growth leaders. They communicate clearly, creatively, and consistently. Growth leaders in the European Union, for example, are 80 percent more likely than their peers to communicate growth successes often.

Growth leaders are 70% more likely to ensure that every employee understands the growth strategy and what it means for them (in the European Union)

They also go beyond the usual channels (progress updates, newsletters, town halls, and the like) and develop a comprehensive communications plan targeting all stakeholders. They often, for example, tell their story to the outside world in order to motivate employees, shape investor perceptions, and convey their aspirations to customers. The managing director of one consumer-facing company told us, “Use the media to communicate wins, results, and innovation. Make it real for all your stakeholders as often as possible.”

7. I give control to others.

Build up people’s growth muscles. Growth leaders invest more time in formal and informal training for growth, covering not just functional and leadership capabilities but also mind-sets. At one global beverages company, training for marketing and sales associates includes elements on exponential thinking (working toward tenfold improvements rather than 10 percent) and using network effects to boost growth (engaging stakeholders and ecosystems to boost a product launch or a marketing campaign).

Give power to the front line. Encouraging people to make decisions and take risks without providing them with a structure for doing so is only half the battle. Growth leaders are explicit in giving people decision rights. The owner of a European digital company ensures that key decisions are made not by senior management but by the business-unit leaders who know the customers and products best. But those leaders have to work together across functions. As the chief growth officer of a leading consumer-packaged-goods company put it: “Product, engineering, and sales take decisions jointly, so you don’t have fingers pointing at each other.”

Go outside to get what’s needed. Growth leaders aren’t afraid to close gaps in their own business models or capabilities through partnerships or joint ventures with other businesses. A travel company wanted to expand its low-cost bus business but realized it was too small to compete at scale with larger companies. To acquire sufficient scale at speed, it partnered with a ride-sharing platform to offer a door-to-door long-distance service that combined rail, bus, and car transport in one convenient package.

Growth leaders are 40% more likely to have explicit incentives to reward risk taking in their teams (in the European Union)

Growth is a journey that requires the entire business to constantly adjust, optimize, and execute, but it starts at the top. Only when the CEO, C-suite, and business-unit leaders have the right mind-set can leaders hope to drive growth across the business.

Biljana Cvetanovski is an associate partner in McKinsey’s London office; Eric Hazan is a senior partner in the Paris office; Jesko Perrey is a senior partner in the Düsseldorf office; and Dennis Spillecke is a senior partner in the Cologne office.

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147 Growth Strategy Examples & Explanation

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• ✍️ Growth Strategy Essay Examples for College

Creating an effective business growth strategy is one of the most crucial yet challenging issues in developing a company. In this guide, you will find business growth strategy examples from Samsung, McDonald’s, Taco Bell, and Tata Motors.

These examples will help you understand how it all works and how to produce a successful growth strategy.

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A business growth strategy is a plan that provides profit increase, product or service development, and attracts customers for your business. In other words, it’s a pathway toward corporate expansion .

Growth strategies are necessary for businesses to:

• Propel a company to complete activities that increase its market share and overall relevance in the industry.
• Focus leaders and employees on achieving a common long-term goal.

Business growth can be carried out through different techniques and methods. We will talk about them below.

How to Develop a Business Growth Strategy?

These are the six significant steps:

• Define what makes the company different from the competitors.
• Analyze the target audience to understand the company’s value in their eyes.
• Analyze the current income level.
• Study competitors and their market situation.
• Choose an area of growth (sales, employees, online stores, etc.).
• Set a detailed list of actions to help increase the desired areas.

What Makes a Business Growth Strategy Effective?

• Identity . One of the most important goals is understanding the brand identity, strengths & weaknesses, differentiation, and positioning. The identity is the uniqueness of the business expressed in a simple form for the client.
• Clients desires . Another factor that propels the success of a business growth strategy is understanding customers’ wants and pain points. This allows the company to perform better than its competitors.
• Measurability . A good growth strategy has specific targets that the company plans to achieve. Setting a particular outcome will help develop the appropriate activities and adjust the plan if needed.

Business growth strategies come in different forms, and these include:

* Note: It is always possible to combine two or more business growth strategies, depending on the goals and available resources.

To better understand the importance and efficacy of a business growth strategy, here are four noteworthy examples:

• Lyft and Taco Bell Taco Bell and Lyft found a great way to share audiences. Lyft users could request a mid-trip stop at a local Taco Bell with a quick command in the Lyft app. Since both companies had a substantial customer base, the collaboration led to free publicity for Lyft and Taco Bell.
• McDonald’s McDonald’s primary business growth strategy consists of market penetration. The company works on reaching more customers in different markets. For example, McDonald’s uses franchising, joint ventures, or corporate ownership to open new restaurants in North America and Europe, thereby breaking into the market and achieving its goal of global expansion.
• Tata Motors Tata Motors develops innovative and impressive products to maintain and grow its position as the largest automobile company in India . This strategy is employed by other establishments in the Tata group, helping the company pioneer several industries like steel, airplanes, and power.
• Samsung Samsung employs four growth strategies: market penetration, market development, and product expansion. Especially last, the tech giant mainly targets the same old customers but with a new and innovative product.

Other examples of companies with great growth strategies are:

• Coca-Cola .

Creating a successful business growth strategy requires attention to detail and an extensive understanding of the topic. To broaden your knowledge, check out more examples of marketing strategy essays below the web page

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Innovation in Business: What It Is & Why It’s Important

• 08 Mar 2022

Today’s competitive landscape heavily relies on innovation. Business leaders must constantly look for new ways to innovate because you can't solve many problems with old solutions.

Innovation is critical across all industries; however, it's important to avoid using it as a buzzword and instead take time to thoroughly understand the innovation process.

Here's an overview of innovation in business, why it's important, and how you can encourage it in the workplace.

What Is Innovation?

Innovation and creativity are often used synonymously. While similar, they're not the same. Using creativity in business is important because it fosters unique ideas . This novelty is a key component of innovation.

For an idea to be innovative, it must also be useful. Creative ideas don't always lead to innovations because they don't necessarily produce viable solutions to problems.

Simply put: Innovation is a product, service, business model, or strategy that's both novel and useful. Innovations don't have to be major breakthroughs in technology or new business models; they can be as simple as upgrades to a company's customer service or features added to an existing product.

Access your free e-book today.

Types of Innovation

Innovation in business can be grouped into two categories : sustaining and disruptive.

• Sustaining innovation: Sustaining innovation enhances an organization's processes and technologies to improve its product line for an existing customer base. It's typically pursued by incumbent businesses that want to stay atop their market.
• Disruptive innovation: Disruptive innovation occurs when smaller companies challenge larger businesses. It can be classified into groups depending on the markets those businesses compete in. Low-end disruption refers to companies entering and claiming a segment at the bottom of an existing market, while new-market disruption denotes companies creating an additional market segment to serve a customer base the existing market doesn't reach.

The most successful companies incorporate both types of innovation into their business strategies. While maintaining an existing position in the market is important, pursuing growth is essential to being competitive. It also helps protect a business against other companies affecting its standing.

Learn about the differences between sustaining and disruptive innovation in the video below, and subscribe to our YouTube channel for more explainer content!

The Importance of Innovation

Unforeseen challenges are inevitable in business. Innovation can help you stay ahead of the curve and grow your company in the process. Here are three reasons innovation is crucial for your business:

• It allows adaptability: The recent COVID-19 pandemic disrupted business on a monumental scale. Routine operations were rendered obsolete over the course of a few months. Many businesses still sustain negative results from this world shift because they’ve stuck to the status quo. Innovation is often necessary for companies to adapt and overcome the challenges of change.
• It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today’s highly competitive world.
• It separates businesses from their competition: Most industries are populated with multiple competitors offering similar products or services. Innovation can distinguish your business from others.

Innovation & Design Thinking

Several tools encourage innovation in the workplace. For example, when a problem’s cause is difficult to pinpoint, you can turn to approaches like creative problem-solving . One of the best approaches to innovation is adopting a design thinking mentality.

Design thinking is a solutions-based, human-centric mindset. It's a practical way to strategize and design using insights from observations and research.

Four Phases of Innovation

Innovation's requirements for novelty and usefulness call for navigating between concrete and abstract thinking. Introducing structure to innovation can guide this process.

In the online course Design Thinking and Innovation , Harvard Business School Dean Srikant Datar teaches design thinking principles using a four-phase innovation framework : clarify, ideate, develop, and implement.

• Clarify: The first stage of the process is clarifying a problem. This involves conducting research to empathize with your target audience. The goal is to identify their key pain points and frame the problem in a way that allows you to solve it.
• Ideate: The ideation stage involves generating ideas to solve the problem identified during research. Ideation challenges assumptions and overcomes biases to produce innovative ideas.
• Develop: The development stage involves exploring solutions generated during ideation. It emphasizes rapid prototyping to answer questions about a solution's practicality and effectiveness.
• Implement: The final stage of the process is implementation. This stage involves communicating your developed idea to stakeholders to encourage its adoption.

Human-Centered Design

Innovation requires considering user needs. Design thinking promotes empathy by fostering human-centered design , which addresses explicit pain points and latent needs identified during innovation’s clarification stage.

There are three characteristics of human-centered design:

• Desirability: For a product or service to succeed, people must want it. Prosperous innovations are attractive to consumers and meet their needs.
• Feasibility: Innovative ideas won't go anywhere unless you have the resources to pursue them. You must consider whether ideas are possible given technological, economic, or regulatory barriers.
• Viability: Even if a design is desirable and feasible, it also needs to be sustainable. You must consistently produce or deliver designs over extended periods for them to be viable.

Consider these characteristics when problem-solving, as each is necessary for successful innovation.

The Operational and Innovative Worlds

Creativity and idea generation are vital to innovation, but you may encounter situations in which pursuing an idea isn't feasible. Such scenarios represent a conflict between the innovative and operational worlds.

The Operational World

The operational world reflects an organization's routine processes and procedures. Metrics and results are prioritized, and creativity isn't encouraged to the extent required for innovation. Endeavors that disrupt routine—such as risk-taking—are typically discouraged.

The Innovative World

The innovative world encourages creativity and experimentation. This side of business allows for open-endedly exploring ideas but tends to neglect the functional side.

Both worlds are necessary for innovation, as creativity must be grounded in reality. You should strive to balance them to produce human-centered solutions. Design thinking strikes this balance by guiding you between the concrete and abstract.

Learning the Ropes of Innovation

Innovation is easier said than done. It often requires you to collaborate with others, overcome resistance from stakeholders, and invest valuable time and resources into generating solutions. It can also be highly discouraging because many ideas generated during ideation may not go anywhere. But the end result can make the difference between your organization's success or failure.

The good news is that innovation can be learned. If you're interested in more effectively innovating, consider taking an online innovation course. Receiving practical guidance can increase your skills and teach you how to approach problem-solving with a human-centered mentality.

Eager to learn more about innovation? Explore Design Thinking and Innovation ,one of our online entrepreneurship and innovation courses. If you're not sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

About the Author

Tech-Driven Triumph: Unleashing the Impact of Technology on Business Growth

Table of contents.

In the ever-evolving landscape of the global economy, The Impact of Technology on Business stands as a towering force driving business growth. From small startups to multinational corporations, the infusion of technological innovation has redefined what it means to be competitive and successful. This multifaceted phenomenon has led to increased efficiency, expanded markets, and new heights of strategy and service.

The rise of startup tools has automated mundane tasks, freeing human capital to engage in more complex problem-solving and decision-making processes. This shift has not only optimized operational efficiencies but also enhanced the capacity for data analytics, allowing businesses to tailor their strategies with precision. Moreover, technology has democratized access to global markets, enabling businesses to reach and engage with customers far beyond traditional geographic limits.

In the realm of communication, technology has broken down barriers, fostering collaboration and innovation at a pace previously unimaginable. This interconnectedness has spurred growth by catalyzing the exchange of ideas and best practices across industries and borders, showcasing the impact of technology on business.

As we look to the future, the trajectory of business growth is inextricably linked to technological progress. The businesses that adapt and harness the potential of emerging technologies will be the ones to thrive in this new digital era, marking a period of unprecedented opportunity and growth, emphasizing the impact of technology on business.

The advent of modern technology has transformed the business landscape, enabling companies to innovate, scale, and adapt to changing market dynamics. Technology’s impact on business growth is profound and multifaceted. Here are some key ways in which technology drives business growth, accompanied by illustrative examples, underscoring the impact of technology on business.

Enhanced Productivity and Efficiency: The Impact of Technology on Business

Enhanced productivity and efficiency are hallmarks of modern business operations, thanks to sophisticated automation tools and software , showcasing the impact of technology on business. These technologies have revolutionized traditional workflows, significantly reducing the time and resources needed for routine tasks. Customer Relationship Management (CRM) systems, such as Salesforce , exemplify this transformation by automating customer interactions and data management processes.

This automation facilitates a shift in focus for sales teams, enabling them to dedicate more time to strategic planning and cultivating deeper relationships with clients, illustrating the impact of technology on business.

The automation also leads to more personalized customer service, as the data analytics provided by CRMs offer insights into customer preferences and behaviors, allowing businesses to tailor their interactions to individual needs. This strategic shift is not just about saving time; it’s about enhancing the quality of business engagements and driving growth through improved customer experiences, underscoring the impact of technology on business.

Global Reach and Accessibility

In the digital age, the Internet has become the gateway to unparalleled global reach and accessibility for businesses, highlighting the profound impact of technology on business. It has dismantled geographical constraints, granting small enterprises the power to tap into international markets. E-commerce platforms like Shopify and Etsy exemplify this transformative potential, empowering artisans and retailers to showcase and sell their products to a worldwide audience, showcasing the impact of technology on business.

This accessibility not only expands market horizons but also fosters diversity and innovation in the business landscape, further emphasizing the impact of technology on business. Small businesses can now compete on a global scale, and consumers benefit from a wider array of unique and culturally diverse products and services, underscoring the far-reaching effects of technology on business growth.

Improved Communication and Collaboration

In the digital era, technological advancements in communication tools have fundamentally reshaped the way teams collaborate, highlighting the transformative impact of technology on business. This transformation transcends geographical boundaries, enabling remote and distributed teams to work together seamlessly, exemplifying the impact of technology on business operations. Tools like Slack, Zoom, and Microsoft Teams have not only increased productivity but also catalyzed a culture of innovation, showcasing how technology drives business growth.

Diverse talents from around the world can now unite effortlessly, contributing their unique perspectives to create a dynamic and interconnected workforce, further accentuating the impact of technology on business dynamics. This transcending of physical limitations fosters a culture of creativity and progress, where innovation knows no bounds. As we move forward, the synergy between technology and collaboration will continue to redefine how businesses operate and thrive, solidifying the enduring role of technology in shaping business success.

Data-Driven Decision Making

In the digital age, data-driven decision-making stands as the bedrock of success. Big data analytics serves as the compass, guiding businesses toward informed and strategic choices. Netflix’s exemplary use of data analysis serves as a testament to the transformative power of data. By delving deep into colossal datasets, businesses unearth profound insights into customer behaviors, preferences, and evolving trends.

These invaluable nuggets of wisdom steer the ship of product development, shape targeted marketing campaigns, and craft tailored customer experiences. The outcome? Heightened competitiveness, streamlined efficiency, and a perpetual wellspring of innovation—cornerstones upon which success thrives in the contemporary data-driven landscape. As businesses continue to navigate this digital sea, the mastery of data becomes not just a competitive edge but an essential survival skill in an ever-evolving world.

Innovation in Products and Services

Innovation in products and services is the very heartbeat of the modern business landscape, and it finds its life force in technology, underscoring the profound impact of technology on business growth. The fintech sector serves as a vivid example of this remarkable transformation, where the convergence of blockchain and mobile payment technologies has fundamentally rewritten the rulebook for financial services, showcasing the impact of technology on business operations. Trailblazing companies like PayPal and Square have harnessed these innovations, shaping them into seamless, secure, and disruptive payment solutions, further emphasizing the impact of technology on business.

This wave of innovation ripples across industries, challenging conventional norms and boundaries, and illustrating the impact of technology on business dynamics. Technology, in its relentless pursuit of the extraordinary, ushers in an era characterized by unprecedented creativity and a steadfast commitment to customer-centric offerings, highlighting the impact of technology on business innovation. It’s not merely about staying ahead; it’s about setting the pace for the future and demonstrating the forward-looking impact of technology on business growth.

This unyielding dedication to innovation is not just a response to evolving customer needs; it’s a catalyst for economic growth and global competitiveness, reinforcing the transformative impact of technology on business success. As technology continues to evolve, so does the canvas upon which businesses paint their visions of progress, propelled by the inexhaustible wellspring of innovation, signifying the enduring role of technology in shaping the future of business.

Enhanced Customer Experiences

Enhanced customer experiences are at the heart of AI and machine learning advancements . Amazon’s recommendation engine, driven by these technologies, creates tailored shopping journeys by analyzing browsing and purchase histories. This personalization not only boosts sales but also deepens customer engagement and loyalty.

The application of AI and machine learning extends far beyond e-commerce, influencing sectors like healthcare, entertainment, and finance, where personalized services are becoming the norm. As technology continues to evolve, so too will the potential to deliver extraordinary, individualized experiences that cater to the unique needs and preferences of customers, ultimately driving business growth.

Scalability of Services

In the digital age, the scalability of services is seamlessly orchestrated by the symphony of cloud computing. Leading providers like AWS and Azure orchestrate dynamic cloud solutions, enabling businesses to calibrate their IT resources with the precision of a conductor. This nimble resource allocation, tailored to growth spurts or surges in demand, translates into more than cost-effective operations—it’s a springboard for innovation.

The reallocation of resources towards strategic initiatives fuels the engine of progress. The cloud, with its transformative power, becomes the anchor for businesses navigating the stormy seas of dynamic market demands. It bestows the agility and efficiency needed to outmaneuver competitors in the ever-evolving landscape, setting the stage for sustained growth and competitive dominance.

Cost Reduction

Cost reduction through technology is not just a choice; it’s a strategic imperative in today’s fiercely competitive business landscape. Digital marketing campaigns are a prime example, where they not only offer cost-effectiveness but also provide an unparalleled level of measurability.

The precision with which audiences can be targeted, performance tracked, and strategies optimized in real-time represents a transformative shift in advertising effectiveness. Beyond the marketing realm, automation and digitization ripple through operations, streamlining supply chains, and chiseling away at overhead costs.

Businesses that embrace technology-driven cost control not only bolster profitability but also acquire the agility required to flourish in a relentlessly competitive environment. It’s a blueprint for not just growth but for enduring and sustainable success in a world where adaptation is the key to survival.

Increased Security

Enhanced cybersecurity is paramount in safeguarding businesses against evolving online threats. Companies like Crowdstrike are at the forefront, providing cutting-edge solutions that fortify defenses and protect sensitive data. Beyond preserving customer trust and business continuity, robust cybersecurity is vital in maintaining regulatory compliance.

The constant innovation in this field ensures that businesses can stay one step ahead of cyber adversaries, safeguarding their operations, reputation, and the confidentiality of customer and proprietary information. As technology advances, so too must cybersecurity measures to fortify the digital fortresses that underpin modern business growth and resilience.

Competitive Advantage

Staying ahead in the digital age often means securing a competitive advantage through technological innovation. Tesla’s pioneering efforts in battery technology and automation have catapulted it to a leadership position in the electric vehicle market. Such investments not only drive product excellence but also position a company as an industry leader.

Beyond products, technological advancements can optimize processes, reducing costs and increasing efficiency, further solidifying a competitive edge. Businesses that continuously embrace and integrate cutting-edge technology into their strategies are well-positioned to thrive in a rapidly evolving and fiercely competitive marketplace, setting the stage for sustainable growth and success.

Technology’s role as a catalyst for business growth cannot be overstated. It serves as the linchpin for achieving unparalleled efficiency gains, expanding market horizons, and fostering a culture of relentless innovation. Businesses that embrace and harness the full potential of technological advancements are not merely participants in the market; they become industry leaders. By continually adapting to the ever-changing tech landscape, companies can not only achieve their growth objectives but also create lasting value for customers.

This commitment to innovation positions them as formidable competitors, ensuring a prominent and enduring presence in the marketplace. The future belongs to those who understand that, in the digital age, technology is not just a tool; it’s the driving force behind transformative business growth.

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The Alternative Board Blog

Why is growth important to every company or business.

Doesn’t every entrepreneur and/or business owner start and maintain a business in order to see it grow? The answer seems obvious. But as many top business coaches will tell you, some business leaders who attain a certain level of success are content to stay at this plateau. They feel assured within the space their business occupies in the marketplace and have little motivation to change anything.

This is a risky stance for any business leader to take. Growth isn’t just important for a company—it’s absolutely essential. Without continued growth, operations will stagnate. This can result in lowered standards of quality for products or services, decreased customer service, poor employee morale, and a host of other issues.

Growth “is crucial to the long-term survival of a business,” notes nibusinessinfo.co.uk, pointing to these clear-cut benefits:

• Easier to add resources
• Locate and identify new sales opportunities
• Expand range of products or services
• Acquire new customers

Also, growth can “boost your business’ credibility, allowing you to broaden your supply base and increase stability and profits.”

All compelling benefits gained by the pursuit of business growth! 

Plenty of other reasons spur business leaders to adopt a “continuous growth” mindset. A growing, financially secure company often enjoys market dominance (meaning, less threat from competitors), which in turn brings enhanced power to negotiate large-scale purchases (new technology, for example) and/or more beneficial lease or rent arrangements.

Effective growth also helps stave off the potentially negative effects of fluctuations in the marketplace and national economy. Plus, a growing company’s high profile often appeals to the most talented job-seekers out there.

Risks and opportunities

Of course, growth isn’t possible without some inherent risks. For CEOs and business owners who value personal control, a growing business represents whole areas of operations—hiring, marketing, finance, sales—where micromanagement is impossible. 

Successful growth serves as a stark reminder than no one person can oversee all facets of a business. The day will come when it’s time to relinquish control of some or many operational functions—hopefully to talented, well-trained subordinates. Without the willingness to delegate, no leader can expect growth to continue without problems.

Another threat incurred by business growth is losing the personal touch with customers. By “personal,” we mean everything from ensuring high-quality products and services to dependable delivery and a quick response to customer inquiries or complaints. It’s one of the most common gripes among otherwise loyal customers: “The company got too big and now I can’t even reach a human being to talk to!”

Ongoing growth is also costly. There’s a need to hire and train new staff, to conduct research and development that encourages greater innovation, as well as expenses related to marketing and sales efforts.

Planning for growth

Due to these and other concerns, it’s vitally important to plan for growth, rather than just waiting for it to happen. A business plan “should detail what your desired expansion will look like and where you want to be within 6-12 months,” notes CEO Today. Having targets to shoot for “will be useful during your growth period for measuring your success.”

Other effective growth strategies include:

• Upgrading a new product line
• Expanding to different locations
• Forging a new business partnership
• Diversifying your current business offerings

Perhaps most importantly, continued growth enables your business to innovate, leading the way to new opportunities in the marketplace. Innovation is critical to fend off competitors and to stay attuned to the ever-changing needs of your target audience.

These and other strategies can be spelled out in a business plan, along with a proposed timetable for achieving specific growth milestones.

There’s no reason a business leader has to tackle the challenges of growth all on their own. With the availability of executive business coaching services like TAB, business owners and CEOs can share ideas for growth with others who have “been there and done that”—thus reducing the chances of making a costly mistake.

Members of TAB are all committed to growing their businesses, and to helping other members achieve similar goals. Learn more about how TAB can help your business grow.

Discover the 5 ways entrepreneurs and business leaders seize opportunities during difficult times here

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102 Personal Growth Essay Topic Ideas & Examples

Inside This Article

Personal growth is an essential part of life that allows individuals to become the best version of themselves. It involves self-reflection, self-improvement, and the willingness to step out of one's comfort zone. Writing personal growth essays can help individuals explore their own thoughts and experiences, and can also serve as a tool for self-discovery and growth. If you're looking for inspiration for your next personal growth essay, here are 102 topic ideas and examples to get you started:

• The importance of setting and achieving personal goals
• Overcoming fear of failure
• Learning to embrace change
• The power of positive thinking
• How to cultivate a growth mindset
• Dealing with setbacks and challenges
• The benefits of stepping out of your comfort zone
• Finding your passion and purpose in life
• Building self-confidence and self-esteem
• The role of self-care in personal growth
• Practicing gratitude and mindfulness
• Learning to forgive yourself and others
• Overcoming self-doubt and imposter syndrome
• Developing healthy habits and routines
• The importance of self-reflection and introspection
• Cultivating resilience and perseverance
• Embracing vulnerability and authenticity
• Finding balance in your personal and professional life
• The impact of positive relationships on personal growth
• How to overcome procrastination and improve productivity
• The benefits of seeking out feedback and constructive criticism
• The role of mentorship and guidance in personal growth
• Learning to let go of perfectionism and control
• Exploring your values and beliefs
• The power of self-compassion and self-acceptance
• Overcoming negative self-talk and limiting beliefs
• The importance of continuous learning and growth
• Finding meaning and fulfillment in your work
• Cultivating empathy and compassion for others
• The impact of gratitude journaling on personal growth
• How to overcome self-sabotaging behaviors
• The benefits of practicing mindfulness meditation
• Learning to set boundaries and prioritize self-care
• The role of resilience in overcoming adversity
• Developing emotional intelligence and self-awareness
• Overcoming perfectionism and fear of failure
• The importance of self-compassion in personal growth
• Cultivating a growth mindset in the face of challenges
• The benefits of seeking out new experiences and opportunities
• Learning to embrace uncertainty and take risks
• Overcoming limiting beliefs and self-imposed barriers
• The power of visualization and goal-setting
• Finding inspiration and motivation in your daily life
• How to overcome self-doubt and build self-confidence
• The impact of positive affirmations on personal growth
• Learning to practice self-care and prioritize your well-being
• Cultivating a sense of purpose and direction in life
• The role of resilience in bouncing back from setbacks
• Overcoming fear of rejection and failure
• The benefits of practicing gratitude and mindfulness
• How to develop a growth mindset and embrace challenges
• Finding balance and harmony in your life
• Learning to overcome negative self-talk and self-limiting beliefs
• Embracing vulnerability and authenticity in your relationships
• Building resilience and perseverance in the face of adversity
• The role of positive relationships in personal growth
• Overcoming perfectionism and the need for control
• The impact of continuous learning and growth on personal development
• Developing healthy habits and routines for success
• Learning to let go of past mistakes and regrets
• The power of positive thinking and visualization
• How to cultivate a growth mindset and embrace change
• Practicing gratitude and mindfulness in your daily life
• Overcoming fear of failure and rejection
• The importance of self-care and prioritizing your well-being
• Cultivating resilience and perseverance in the face of challenges
• Finding balance and harmony in your personal and professional life
• How to overcome self-sabotaging behaviors and negative habits
• The power of positive affirmations and self-talk
• Cultivating a growth mindset and embracing challenges
• The importance of self-compassion and self-acceptance
• Overcoming negative self-talk and self-limiting beliefs
• How to let go of past mistakes and regrets
• Cultivating empathy and compassion for yourself and others

These are just a few examples of personal growth essay topics that you can explore. Feel free to mix and match ideas, or come up with your own unique topics based on your own experiences and interests. Remember, personal growth is a lifelong journey, and writing about it can be a powerful tool for self-discovery and transformation. Happy writing!

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Essays About Personal Growth: Top 5 Examples and 8 Prompts

If you’re writing essays about personal growth, our guide’s article examples and prompts will help stimulate your creative thinking.

Personal growth is looking at ways to improve yourself mentally, socially, spiritually, emotionally or physically. It is a process where we envision a better version of ourselves and strive to realize that ideal self. Personal growth demands the setting of personal goals and ensuring routine progress. The work toward personal development involves a great deal of hard work and discipline as we push our existing skills and strengths to a higher boundary while reducing our underlying weaknesses.  

Read our essay examples and prompts below to help you produce a rich and creative essay about personal growth.

5 Essay Examples About Personal Growth

1. is it really too late to learn new skills by margaret talbot, 2. i’ve completed hundreds of 30-day challenges. here’s what i’ve learned by tara nicholle-nelson, 3. i was a self-help guru. here’s why you shouldn’t listen to people like me by michelle goodman, 4. how to craft a personal development plan that inspires meaningful results by scott jeffrey, 5. personal development and the power of feedback by emily marsh, 10 prompts on essays about personal growth, 1. why is personal growth important, 2. take up a personal growth challenge, 3. your personal growth journey, 4. personal growth among successful people, 5. personal growth for leaders , 6. personal growth at work, 7. best personal growth books, 8. strong motivation for achieving personal growth.

“… [H]e decides to throw himself into acquiring five new skills. (That’s his term, though I started to think of these skills as “accomplishments” in the way that marriageable Jane Austen heroines have them, talents that make a long evening pass more agreeably, that can turn a person into more engaging company, for herself as much as for others.)

Learning new things may not be a cup of tea for those in their middle ages. To get out of established expertise, be looked down on as a novice, and push the brain to work double time may even be a dreary and intimidating process. , But Journalist Tom Vanderbilt, award-winning writers, and Nobel Prize recipients prove that satisfaction is worth it for personal growth and fulfillment. 

“I think of Challenges as self-directed projects to change my behavior or spark some personal growth or development I’m clear that I’d like to have. Sometimes I want a mindset shift or want to make (or break) a habit, or I just have a sort of big project I want to sprint to finish…”

Why are we so drawn to self-imposed challenges? For one, it’s a competition only between you and yourself, giving room for flexibility in the rules you set. It provides structure to your goals, chunks your bigger long-term self-growth goals into gradual and doable daily tasks, provokes a sense of self-accountability, and helps you focus your energy on what matters most. 

“Apparently, I learned, gurus are people too, even gurus lining the self-help shelves of friendly neighborhood bookstores. They aren’t infallible, all-knowing oracles above worrying about their generous muffin top or widening backside. They are businesspeople — businesspeople with books, keynotes, and openings in their consulting practice to peddle”

From abhorring gurus to becoming one and then hating the industry much more — this is the story of a self-help book author who realizes it was herself who needed the most advice for personal growth. But, as she creates a facade of a well-balanced life to establish her credibility, things turn dark, almost costing her life. 

“When entertainment, distraction, and workaholism consume our attention, something doesn’t feel right within us… To have a full and meaningful life requires us to open to more dimensions of ourselves. And a Personal Development Plan can help us do just that.”

Everyone strives for personal growth. But once we jump at it, some wrong ingredients may spoil the sense of fulfillment we expect. The right process involves navigating your potential, creating a larger vision, selecting areas to focus on, setting your schedule, and monitoring your progress. You might also be interested in these essays about motivation .

“Without feedback, we would learn very little about ourselves, in or out of work. The feedback process is like holding a mirror up to yourself; that’s why it can be uncomfortable at times. You have to be prepared to listen to and acknowledge whatever reveals itself.”

Hearing feedback is critical to personal growth. Negative feedback is constructive in losing our bad habits. However, purely positive feedback is non-progressive and dangerous if we only seek to affirm how we regard ourselves.

We can never be perfect. But we can always progress. In your essay, explain why nurturing a growth mindset in life is essential. What long-term benefits can you reap daily from wanting to be a better person? How does it affect the mind, body, and overall wellness? Answer these while citing studies that outline the essence of personal growth.

Take up any challenge you find exciting and feel up to. Then, write about your experience. If successful, offer tips to your readers on how one can prepare their body, mind, and discipline to stick to the goals. If you did not complete the challenge, don’t worry! Your failure can still be a learning experience that contributes to personal growth and is worth writing about. In addition, you can add what areas of yourself you would like to improve on if you ever take up the challenge again. 

Talk about your goals and your daily efforts to reach this goal. It could relate to acing a test, your sports team winning or professional success. Of course, there will be a handful of challenges in any journey toward a goal. What were the obstacles and distractions that tried to keep you off track? Share these with your readers and how you strived or are striving to conquer them.

When you see people already at the height of their careers, you’ll find some continuing to walk out of their comfort zones and reach for the next higher mountain. For this essay, explain the connection between striving for personal growth and success. Then, provide a list of everyday habits among successful people that others could consider adopting.

Leaders must adapt and address problems efficiently and decisively as they move through a fast-changing landscape. Elaborate on how the pursuit of personal growth helps leaders deliver in their enormous role in organizations, companies, and communities.

If you firmly believe that growth at work translates to personal growth, it would be less hard for you to get by at work. But this gets a bit more complex if your feel that your work is no longer satisfying your self-actualization needs and even limiting you. For this prompt, help your readers determine if it’s time to quit their job and continue their journey for personal growth elsewhere. If you want to address companies, offer recommendations enabling their employees to grow and have a vision for themselves. You may also suggest how managers can keep an open line of communication so that personnel can relay their self-development needs.

We all have that book that has given us a new kind of energy that made us feel and believe we can do anything if we put our heart into it. We keep these books close to our hearts, serving as a reminder of other bigger goals ahead of us when the going gets tough. Create a numbered list of the books that have captivated you and helped you realize your potential. Talk about the best quotes that struck the chord and the thought racing in your mind while reading them.

When you tap onto your inherent and external motivation for a much-needed push, it may be easier to turn bad moments into something that helps advance personal development plans. For your essay, explain how motivation can be a bridge to get you to your growth goals.

If you’re still stuck, check out our general resource of essay writing topics .

For help with this topic, read our guide explaining what is persuasive writing ?

Yna Lim is a communications specialist currently focused on policy advocacy. In her eight years of writing, she has been exposed to a variety of topics, including cryptocurrency, web hosting, agriculture, marketing, intellectual property, data privacy and international trade. A former journalist in one of the top business papers in the Philippines, Yna is currently pursuing her master's degree in economics and business.

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Home — Essay Samples — Business — Marketing Strategy — The three most important levers for business growth

The Three Most Important Levers for Business Growth

• Categories: Customer Relationship Management Marketing Strategy Sales

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Words: 555 |

Published: Dec 12, 2018

Words: 555 | Page: 1 | 3 min read

• The growth of the market.
• Increase the volume of purchases with your current customers
• Increase current usage: that is, get existing customers to use more of your product or use it more frequently. For example, a brand of mouthwash might encourage your current customers to use toothpaste twice a day instead of just once a day.
• Stimulate new uses: get existing customers to use their product for new purposes. For example, a product initially used as a glass cleaner promotes its use in the cleaning of sports shoes, plastic devices, etc.
• Reduce the loss of customers: prevent existing customers from canceling your service or withdrawing as users of your company. For example, Internet and cable providers have retention programs to intercept clients before they expire and offer them attractive promotions to stay.
• Earn market share that the competition had.

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• Main Stages of Company Growth

Main Stages of Company Growth - Essay Example

• Subject: Business
• Type: Essay
• Level: Undergraduate
• Pages: 4 (1000 words)
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• Author: boganlarry

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Check these samples of main stages of company growth, business growth and six stages of greiner curve, product life cycle and sustainability management, the main stages of plc, the kroger company, business strategy of auto nation company, five stages of small business growth, the general value of the shares, an independent management consultancy.

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Google parent reports another quarter of accelerating growth and its stock price soars

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Google’s corporate parent, Alphabet Inc., on Thursday released a quarterly report showing it’s still reaping double-digit revenue gains from its digital advertising empire while sowing potentially lucrative new ground in artificial intelligence.

The results for the first three months of the year provided the latest evidence that Google has regained its momentum after an unprecedented downturn in 2022 coming out of the COVID-19 pandemic.

In the January-March period, Alphabet’s revenue rose 15% from the same time last year to $80.54 billion, which surpassed the projections of analysts surveyed by FactSet Research. It marked the fourth consecutive quarter of accelerating year-over-year revenue growth for the Mountain View, Calif., company.

Alphabet earned $23.66 billion, or $1.89 per share, a 57% increase from last year’s comparable quarter. The earnings per share also eclipsed the analyst estimates that steer investors.

The company’s stock price soared by nearly 13% in Thursday’s extended trading after the results came out. That reaction was a stark contrast to how investors responded to a report covering the same quarter from Facebook’s parent. Meta Platforms also reported a surge in ad revenue but provided a disappointing outlook for the April-June period, while also warning that its profits would be squeezed by increased spending on AI technology.

As has been the case since the company went public 20 years ago, most of the money came in through a digital advertising network anchored by Google’s dominant search engine. Google’s ad revenue totaled $61.66 billion in the first quarter, up 13% from last year.

Despite the ongoing success, Google is facing dual threats that could threaten its future growth.

The U.S. Department of Justice is taking aim at its search engine in a lawsuit alleging that the company has abused its power by negotiating lucrative deals with Apple and other companies to give it an unfair advantage over potential rivals, stifling innovation as well as competition.

After a two-month trial last fall, the closing arguments in the biggest U.S. antitrust case in a quarter-century are scheduled to unfold next week and a federal judge is expected to rule whether Google has been breaking the law by the end of this year.

People also may not need to rely as much on Google’s search information to answer their questions and find other information as the artificial intelligence technology that Google, Microsoft and other industry stalwarts are building becomes more sophisticated. If AI gradually supplants the role that Google’s search engine has filled for the past quarter-century, Alphabet’s ad sales also could dwindle.

Liedtke writes for the Associated Press.

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Hollywood, accusers condemn reversal of Weinstein conviction: ‘We know what happened’

U.S. growth fell sharply to 1.6% last quarter, pressured by high interest rates

TikTok to crack down on content that promotes disordered eating and dangerous weight-loss habits

U.S. economy grew at 1.6 percent annual rate in first quarter 2024, a sharp slowdown

U.S. economic growth slowed in the first three months of the year, after more than a year and a half of rapid expansion — a welcome cool-off that nonetheless raises questions about how the rest of the year might shake out.

The U.S. economy grew by an annualized rate of 1.6 percent in the first three months of the year, a sharp slowdown from the previous quarter’s growth rate of 3.4 percent, according to the Bureau of Economic Analysis’s measurement of gross domestic product, the sum of all of the goods and services produced in the country.

The deceleration reflects swings in business inventory and trade, as well as weakening household and government spending. In the most recent quarter, Americans bought more foreign-made goods while selling fewer U.S.-made items overseas, both of which dragged down economic growth.

“Clearly this is a notable slowdown — growth has stepped down quite a bit, but that’s coming after some really strong numbers,” said Claudia Sahm, chief economist at New Century Advisors. “You have to pick your head up and look at the context: We have an economy that’s still really working for consumers and businesses despite the fact that inflation is elevated and interest rates are higher than before the pandemic.”

Markets, though, were decidedly downbeat on the potential of lower economic growth and higher inflation, commonly referred to as “stagflation.” All three major stock indexes tumbled by more than 1 percent Thursday morning, with the Nasdaq and Dow Jones Industrial Average both down about 1.6 percent at lunchtime.

“What the market is worried about, even at the margin, is any suggestion that stagflation is taking hold,” said Quincy Krosby, chief global strategist at LPL Research. “Certainly the economy is still solid — perhaps not stellar like it was — but the question is whether it will stay that way.”

After the pandemic recession, the U.S. economy bounced back far stronger than anticipated. Unemployment, at 3.8 percent , is in the longest stretch of near-record low jobless rates since 1970. Wages are going up. And crucially, families, businesses and governments are continuing to spend, keeping money sloshing through the economy.

Even though Americans are making more money than they were last year, they’re spending more and saving less. Disposable incomes rose by 1.1 percent after accounting for inflation in the first quarter. Still , people saved an average 3.6 percent of their income in early 2024, down from 4 percent the quarter before, the GDP report shows.

That exuberant spending — especially on travel, restaurants, concerts and other services — has recently lifted inflation, reigniting fears that the Federal Reserve may have to be even more aggressive in its efforts to slow the economy.

The central bank has raised interest rates 11 times in the past two years, making it more expensive for families and businesses to borrow money. That’s put a chill on some parts of the economy, including home sales. Now there are signs that those higher costs are weighing down other purchases and investments as well: Manufacturing spending took a hit and Americans spent less on goods, including cars, at the beginning of the year, according to the GDP report. A downturn in government spending, which has been juicing the economy in recent months, also contributed to cooling growth.

Those signs of deceleration, combined with a recent uptick in price growth, is muddying the economic picture.

Inflation — still considerably higher than the Fed’s 2 percent goal — has ticked up for two months, while economic growth appears to be uneven. Many are closely watching what happens next, starting with a fresh round of inflation and consumer spending data on Friday, as well as upcoming earnings reports from tech giants Apple and Nvidia.

“The soft landing is coming into view, although not in the way either the Fed or the Biden administration might like,” said Eswar Prasad, an economics professor at Cornell University. “Business investment is already weakening, and if you have consumer demand also weakening, that’s going to make for a very complicated scenario in the summer and fall.”

Still, he said, the chances of a recession this year remain slim. Americans are continuing to spend, especially on experiences they missed out on during the pandemic.

Ralph Rapa opened a brewery in Coconut Creek, Fla., two months ago, and says there’s been a steady stream of young families and other locals stopping in for $7 pints. Nights with special events have been particularly popular — he hosts karaoke on Wednesdays, live music Thursdays through Sundays, and paint-and-sip events once a month.

“People might be anxious about inflation, but everybody seems to have money to drink and eat,” he said. “They want to get out — they want live music and family-friendly, dog-friendly places to hang out.”

Rapa, a railroad health and safety manager, came up with the idea for Rule G Brewing three years ago when the pandemic was still in full swing. He has poured more than $1 million into the business from a mix of personal and retirement funds, crowdfunding, investments and a grant from the Small Business Administration. He expects it will take a few years to become profitable. In the meantime, Rapa says, he’s hopeful his business — and the economy — will hold up.

“I don’t want to say this is a recession-proof industry because bars fail all the time,” he said. “But we’re in a good place right now. People are out and about, and they want to have a good time.”

Still, there is mounting evidence that Americans are pulling back. Many families have used up their pandemic savings and are taking on extra debt to keep up with costs. Credit card debt has risen 22 percent since the pandemic. Delinquencies on credit cards and car loans are also rising, especially among younger and lower-income Americans, as inflation and higher interest rates take a toll on household budgets.

“We’re a bit concerned about the U.S. consumer,” said Erik Lundh, principal economist at the Conference Board. “There’s been quite a surge in debt, and just making interest payments on that stuff is eating into people’s pocketbooks and their ability to spend and save.”

As a result, Lundh said, consumer spending is poised to tumble in the coming months, potentially denting economic growth. He expects GDP growth to slow to 0.5 percent in the middle of the year, before rebounding in the fall.

“We don’t think things are going to fall apart this year, but consumers are going to have to pause and do some hard thinking on how they’re spending their money,” he said.

In Bend, Ore., Kristi Coughlin and her family have started to rethink their spending, especially on food. Instead of going out to dinner three times a week like they used to, they’re eating more “hodgepodge meals” at home — enchiladas with tater tots, say, or leftover rotisserie chicken with chili.

“We’re buying less fresh stuff than we used to,” the 40-year-old registered dietitian said. “I don’t get a cart at the grocery store anymore. My new rule is: If I can’t carry it, I don’t buy it.”

Her household of three is also relying more on frozen fruits and vegetables, canned beans and leftover meats. Coughlin, who has 17 chickens in her yard, has started trading eggs for a morning brew at her local coffee shop. In all, her family spends about $1,800 a month on groceries, considerably more than they did before the pandemic.

Other costs, such as medical bills and their older daughter’s college fees, have also gone up. Coughlin and her husband, an electrician, are both self-employed, making them particularly susceptible to the whims of the economy. They’re not struggling financially, at least not yet. “But we’re cutting back proactively,” she said, “just in case.”

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U.S. Growth Slowed in First Quarter, but Inflation Remained a Bug

Gross domestic product, adjusted for inflation, increased at a 1.6 percent annual rate in the first three months of the year.

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By Ben Casselman

The U.S. economy remained resilient early this year, with a strong job market fueling robust consumer spending. The trouble is that inflation was resilient, too.

Gross domestic product, adjusted for inflation, increased at a 1.6 percent annual rate in the first three months of the year, the Commerce Department said on Thursday . That was down sharply from the 3.4 percent growth rate at the end of 2023 and fell well short of forecasters’ expectations.

Economists were largely unconcerned by the slowdown, which stemmed mostly from big shifts in business inventories and international trade, components that often swing wildly from one quarter to the next. Measures of underlying demand were significantly stronger, offering no hint of the recession that forecasters spent much of last year warning was on the way.

“It would suggest some moderation in growth but still a solid economy,” said Michael Gapen, chief U.S. economist at Bank of America. He said the report contained “few signs of weakness overall.”

But the solid growth figures were accompanied by an unexpectedly rapid acceleration in inflation. Consumer prices rose at a 3.4 percent annual rate in the first quarter, up from 1.8 percent in the final quarter of last year. Excluding the volatile food and energy categories, prices rose at a 3.7 percent annual rate.

Taken together, the first-quarter data was the latest evidence that the Federal Reserve’s efforts to tame inflation have stalled — and that the celebration in financial markets over an apparent “soft landing” or gentle slowdown for the economy had been premature.

“It increases the chances of a harder landing,” said Constance L. Hunter, an economist at MacroPolicy Perspectives, a forecasting firm. “The inflation data was the surprise.”

At a minimum, stubborn inflation is likely to mean that the Fed will wait at least until fall to begin cutting interest rates. Some forecasters think it is possible that policymakers won’t just keep rates “higher for longer,” as investors have been anticipating for several weeks now, but might actually raise them further.

“It is a huge shift because all of a sudden ‘higher for longer’ could mean another hike,” said Diane Swonk, chief economist at KPMG. For now, she said, the Fed is stuck in “monetary policy purgatory.”

Financial markets fell on the news. The S&P 500 index ended the day down about half a percentage point, and yields on government bonds rose as investors anticipated that borrowing costs will remain high.

Investors aren’t the only ones who could suffer if interest rates remain high. There are mounting signs that high borrowing costs are weighing on Americans’ financial well-being. Consumers saved just 3.6 percent of their after-tax income in the first quarter, down from 4 percent at the end of last year and more than 5 percent before the pandemic.

The signs of strain are particularly acute for lower-income households. They have increasingly turned to credit cards to afford their spending, and with interest rates high, more of them are falling behind on their payments.

“There is a sense that lower-end households are increasingly stretched right now,” said Andrew Husby, senior U.S. economist at BNP Paribas.

Yet despite those strains, consumer spending, in the aggregate, shows little sign of cooling down. Spending rose at a 2.5 percent annual rate in the first quarter, only modestly slower than in late 2023, and spending on services like travel and entertainment actually accelerated.

Spending has been driven particularly by wealthier consumers, whose low debt and fixed-rate mortgages have insulated them from the effects of higher interest rates, and who have benefited from a stock market that was until recently setting records.

“Higher income households feel very flush,” said Brian Rose, senior economist at UBS. “They’ve seen such a huge run-up in the value of their house and the value of their portfolios that they feel like they can keep spending.”

That presents a conundrum for the policymakers at the Fed: Their main tool for fighting inflation, high rates, is doing little to tamp down spending by the wealthy while hurting poorer households. And yet if they cut those rates, inflation could accelerate again.

Even so, forecasters said the overall economic picture remains surprisingly rosy, especially when compared with the glum predictions of a year ago. Unemployment has remained low, job growth has stayed strong and wages have continued to rise, all of which helped after-tax income to outpace inflation in the first quarter.

Businesses stepped up their investment in equipment and software in the first quarter, a vote of confidence in the economy. The housing market also rebounded, although that was due partly to a dip in mortgage rates that has since reversed.

Even one of the drags on growth in the first quarter — a swelling trade deficit — mostly reflected demand from the United States. Imports rose as Americans bought more goods from overseas, while exports rose more modestly.

Ben Casselman writes about economics with a particular focus on stories involving data. He has covered the economy for nearly 20 years, and his recent work has focused on how trends in labor, politics, technology and demographics have shaped the way we live and work. More about Ben Casselman

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Stock market today: US indexes drop as 1st-quarter GDP growth comes in weaker than expected

• US stocks fell sharply Thursday as data showed the US economy grew much slower than expected to start 2024. 
• The report also showed consumer prices rising in the quarter, complicating the Fed's rate-cut decision.
• Bond yields jumped, with the US 10-year Treasury hitting the highest in five months. 

US stocks opened lower on Thursday as the Bureau of Economic Analysis reported that US economic growth was weaker than expected in the first three months of this year. 

US GDP grew by 1.6% on an annualized basis in the first quarter, well below expectations of 2.4% and far short of the 3.4% increase in the final quarter of 2023. 

While slower economic growth could bolster the case for the Federal Reserve to ease monetary policy, the GDP report on Thursday also showed consumer prices rising in the quarter, complicating the central bank's mission of fighting inflation without sparking an economic slowdown.

The market will be focused on personal consumption expenditures data, the Fed's preferred inflation measure, which is due out on Friday. 

Bond yields jumped as traders reacted to the economic data. The 10-year Treasury rose to its highest level in five months, spiking five basis points to 4.706%. 

"The softer first read of Q1 GDP could shift - again- the Fed's timetable for initiating the rate easing cycle, with July coming back into play," Quincy Krosby, chief global strategist at LPL Financial, said after the GDP report. 

"If the PCE report due tomorrow similarly suggests the downward path of inflation has begun to once again gain momentum, it could serve as a catalyst for the market."

Meta shares dragged the wider tech sector down Thursday, with shares of the Facebook parent plunging 15% after it reported earnings results that beat estimates but delivered disappointing guidance. 

Here's where US indexes stood shortly after at the 9:30 a.m. opening bell on Thursday: 

• S&P 500 : 5,006.32, down 1.3% 
• Dow Jones Industrial Average : 37,929.84, down 1.4% (531 points)
• Nasdaq Composite : 15,418.33, down 1.9% 

Here's what else is going on: 

• Trump Media has gotten Congress involved in its crusade against short sellers. 
• Tesla has a four-part path to generate 35% upside for its stock, Bank of America says. 
• Billionaire Howard Marks says AI isn't immune to a crash . 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil edged up to $82.84 a barrel. Brent crude , the international benchmark, ticked up to 88.05 a barrel. 
• Gold rose 0.2% to $2,343.70 an ounce. 
• The 10-year Treasury yield rose five basis points to 4.706%. 
• Bitcoin fell 4% to $63,154.  

• Main content

Impact of Technology on Business Essay

Past impact, future impact, works cited.

If you’re wondering how digital technology changes society in the area of business, this essay will help you figure it out. You’ll consider its positive and negative impacts on global organizations and the overall environment.

Technology has had a transformative effect on businesses, which, so far, has been revolutionary. Organizations, both small and large, use technologies such as the World Wide Web (WWW), computers, websites, Artificial Intelligence (AI), servers and even personal digital devices to make their work easier. These tools can give them the invaluable competitive advantage that all businesses strive to achieve.

Future technology will indubitably revolutionize business once again. It has grown to become an inseparable part of any company. So that you see all the real and possible impacts of technology on business, this essay will analyze how electronics and other machinery have already affected the field and are expected to affect it in the future.

One aspect of technology that has been harnessed well for use in businesses is Artificial Intelligence (AI). For the last ten years, virtually all businesses have had their processes automated though the use of AI in Management Information Systems (MIS). This automation function is also found in various computer applications that are used by contemporary businesses. Examples of the latter include word-processing software, spreadsheets etc.

The aforementioned automation features in programs and software have enabled businesses to achieve goals that were difficult to achieve before the advent of technology. For instance, automation has enabled businesses to avoid errors, process more information and achieve efficiency in their processes (Vitez 1).

In addition to the automation function, technology has revolutionized communication in businesses. In today’s business world, Information Communication Technologies (ICTs) are common. The use of the WWW has introduced easy means of communication that include texting, use of “apps” in personal digital devices, use of interactive websites, etc.

These features of ICTs have eased communication within businesses, communication with various stakeholders and communication with customers. The latter is perhaps the most important for businesses.

This is because it gives businesses a chance to advertise their products and services in a cost-effective way, identify target markets, compare the popularity of their products with the popularity of other competing products in the market and receive customer feedback about their products and services (Vitez 1). Generally, all these communication opportunities give a business a chance to expand its market, which will lead to more profitability for the business.

For instance, instead of concentrating in the local markets, businesses use retail websites to reach national, regional and international markets. Business organizations have also developed websites in which their customers and various stakeholders can access the information they require. This has led to reduced communication costs for businesses.

The communication aspect of technology has also enabled businesses to utilize the local and international business environment by outsourcing their functions. This has helped businesses in concentrating on their core business leading to reduced costs, more productivity and more profitability in the long run. The most common functions that organizations choose to outsource include customer service and technical support (McGrath 2), which are obviously support services for business organizations.

Another way in which technology has revolutionized business in the past is in records management. In the past, documents and records were kept in cabinets and drawers. In contemporary businesses however, businesses use computer storage hardware such as hard disks, flash disks, Compact Disks (CDs), memory cards, Digital Video Disks (DVDs), etc.

The use of internet by businesses has also made it easier to transfer stored information from one department to another, or even to an external entity like a customer or even a supplier (McGrath 1).

The future of business technology will indubitably involve service-oriented systems designed to serve a decentralized business organization. This is because many businesses will be decentralized with an aim of increasing “collaboration across the enterprise with partners and customers” (“The future of business technology”, par. 5). This will especially be the case due to the convenience brought about by ICTs.

It is now possible to work from home or from a remote location using tablets, smart phones, Personal Digital Assistants (PDAs), etc. To exemplify the paradigm shift to service-oriented organizations, Information Technology (IT) providers will have to operate according to client needs as opposed to the conventional identification of a technological idea and the subsequent fitting of problems to the idea (“The future of business technology”, par. 5).

Another technological advancement that is likely to be harnessed for more opportunities in businesses particularly those dealing with medical issues is the combination of Computed Tomography (CT) with holography to solve health problems that have been a nightmare to the human race for a long time.

The use of CT together with holography gives an opportunity to construct internal organs in computers in order to perform pre-surgical evaluations to determine how a surgery can be successfully carried out. This will be resourceful for businesses dealing with health provision. The idea of holography can also be combined with Artificial Intelligence to create virtual humans who will be useful in performing risky functions like operating machinery or even being involved in war activities (Enzer 1).

Due to the increase in networked personal devices, there is a possibility of developing sensor networks that will use Artificial Intelligence to give sensitive information. For instance, the network could allow queries to know if a person is asleep, if a person is travelling at a high speed on a highway or even to establish if it is an appropriate time to make a video call to a certain person (Enzer 1).

If the current technological efforts succeed, it will be possible for a car to listen to conversations. This feature, combined with existent networking features, will make it easy for an organization to monitor its cars and know when they are being misused (Blum 1). In addition to this, machines may be able to communicate to humans in words and in writing in the future. This will ease operations in the manufacturing industry (Blum 1).

Future technology will come with knowledge demands for business managers. Managers in the Information Technology field will have to fully understand how they can integrate the ideas of Artificial Intelligence in new systems and mainstream Artificial Intelligence in technological inventions and innovations. In the medical field, managers will have to fully understand the applications of CT and how best they can use the information produced by applications and devices.

As evidenced in the discussion above, technology has had a revolutionary effect on businesses. In fact, technology can be considered as part and parcel of business operations. It is therefore expected that future technologies will have a more transformative effect on businesses than past technologies. Future managers will also have to acquaint themselves with future technology so that they do not lose their relevance in the market.

Blum, Jonathan. 10 Tech Trends Defining the Future of Small Business 2012 . Web.

Enzer, Georgina. Cisco predicts future technologies 2012 . Web.

McGrath, Jane. How has technology changed the way we conduct business? 2012 . Web.

The future of business technology 2011 . Web.

Vitez, Osmond. The Impact of Technological Change on Business Activity , 2012 . Web.

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Bibliography

IvyPanda . "Impact of Technology on Business Essay." October 29, 2023. https://ivypanda.com/essays/impact-of-technology-on-business/.

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