It’s a basic goal of most companies: to grow revenue each year. But as globalization recedes, populations in many nations grow older and buy less, and sustainability concerns lead more people to scrutinize the necessity of every purchase. And while growth can be a particularly powerful differentiator in such a challenging context, it is also particularly risky. Pushing for growth at all costs can end up destroying value rather than creating it, through wasteful investments and diverting resources from the core strengths of the firm.