Companies try to find new opportunities to increase their profit margin. Some organizations merge or acquire to expand; others come up with new products or even enter different markets. Some entrepreneurs and managers tend to use the same techniques for expanding. However, they ignore the fact that they might miss out on the benefits of other techniques to grow. In this article, we will discuss about the Seven Degrees of Freedom for Growth. It is one of the strategy tools that help companies to realize the strategic opportunities to grow.
The Seven Degrees of Freedom for Growth model was developed by Stephen Coley, David White and Mehrdad Baghai who were partners at McKinsey and Company. In the book, "The Alchemy of Growth: Practical Insights for Building the Enduring Enterprise,â€ published in 2000, they spoke about the model for the first time.
The model was created to address the managers who restrict ideas while expanding their business. The seven degrees in the model helps a manager in realizing the presence of other opportunities. The Seven Degrees of Freedom for Growth are as follows.