Book Review: Escaping The Growth Curse

In “Escaping the Growth Curse,” Yves Doz and Keeley Wilson (2024, Berrett-Koehler) present a compelling argument for rethinking boardroom strategies and governance to prioritize long-term sustainability over short-term profit. This insightful book is structured into three key parts:

1. When Growth Stalls – The authors explore the inherent challenges of the “growth curse,” where relentless pursuit of growth can become detrimental.

2. Why Strategy Matters for Governance – This section emphasizes the critical role of boards in shaping and guiding effective strategies.

3. Making Strategy Stronger – Detailed guidance is provided on enhancing collaboration between boards and executives.

Doz and Wilson challenge boards to transform into “meaning-makers” and “conscious-keepers,” redefining their roles to ensure they add substantial value to their organizations. They advocate for boards to become reservoirs of wisdom and strategic creativity, with members possessing skills and traits that genuinely contribute to the company’s long-term success.

Central to their thesis is the critique of short-term economic outlooks, labeled as the “growth curse.” The authors highlight that as organizations mature, their growth naturally decelerates. However, investor expectations for continuous strong growth persist, which is unsustainable. They argue for a fundamental shift in governance, moving away from mere oversight to a more integrated approach where strategy and governance are intertwined.

The book underscores the importance of boards being proactive and strategic rather than passive. It calls for a reimagining of governance concepts, urging boards to play an active role in strategic planning and execution. Though the primary focus is on US publicly-listed companies, the principles and insights offered are universally applicable.

“Escaping the Growth Curse” is a must-read for board chairs, members, and anyone involved with board governance. The book’s thoughtful analysis and actionable recommendations make it highly relevant for those looking to foster long-term sustainability and strategic innovation within their organizations. By melding strategy with governance, Doz and Wilson provide a roadmap for boards to escape the pitfalls of short-termism and lead their organizations towards enduring success.