Turning Tough Times into Triumph: How to Grow When the Going Gets Rough

Hey there, fellow business enthusiast!

Feeling the squeeze with everything happening in the world right now?

You're definitely not alone. The economic scene is a real puzzle these days, and the era of easy growth seems to be packed up and gone.

With things like trade wars shaking up the global markets, the days of cheap capital behind us, and slower population growth, it's a whole new ballgame.

Even the GDP forecasts for the US and EU have taken a nosedive in 2025.

So, what’s the plan? Let’s dive into the idea of growth transformation.

The Growth Transformation Challenge

Pulling off a growth transformation isn’t a walk in the park.

Many research studies on transformation over the last two decades told us that only about a quarter to a third of growth transformation actually led to positive growth.

But here’s the good news: transformations often work out better during economic slowdowns.

This means, if you play your cards right, you can turn these challenging times into a fresh opportunity.

The 13 Success Factors

Here are some factors to boost your chances of success:

1. Foster a Creative Culture

Innovation thrives where curiosity is encouraged. Organizations that intentionally promote creativity—through open dialogue, experimentation, and freedom to explore new ideas—tend to uncover fresh opportunities faster than their competitors. A creative culture becomes the spark that ignites transformation.

2. Adopt a Long-Term Mindset

Real change rarely happens overnight. Leaders who think in years rather than quarters are better positioned to guide their companies through periods of uncertainty. A long-term outlook ensures that transformation efforts stay focused, consistent, and aligned with a bigger purpose.

3. Look Beyond Your Firm’s Boundaries

No company transforms in isolation. The most successful organizations scan the horizon—learning from partners, competitors, adjacent industries, and emerging technologies. Broadening your perspective helps you anticipate future shifts and avoid getting stuck in old assumptions.

4. Invest in Innovation

Transformation requires fuel, and that fuel is innovation. Whether through technology upgrades, new business models, or process redesign, continued investment keeps the organization ahead of disruption. Innovation becomes a strategic asset rather than a budget line.

5. Build Transformation Experience

Experience compounds. Organizations that have weathered change before build muscle memory that helps them navigate future shifts more effectively. Developing internal transformation capabilities—through training, cross-functional initiatives, and repeatable processes—creates resilience that lasts.

6. Set Up a Formal Program

Transformation efforts crumble without structure. A formal program provides governance, clarity, accountability, and momentum. It ensures that change isn’t just a talking point—it’s a disciplined, orchestrated effort.

7. Appoint a Chief Transformation Officer

A CTO brings focus and balance to the journey. This leader acts as the connective tissue between strategy and execution, helping teams prioritize, communicate, and deliver results. When clear ownership exists, transformation becomes far more effective.

PS. Please feel free to reach me at Marvilano@Marvilano.com if you need the help of an experienced CTO.

8. Craft a Compelling Narrative

People don’t follow plans—they follow stories. A compelling narrative explains why change is necessary, what success looks like, and how each person contributes. The right story turns skeptics into advocates and aligns the organization behind a common mission.

9. Rapidly Right-Size the Cost Base

Speed matters. Addressing structural costs early frees up resources to invest in new capabilities. It also signals commitment, creating a sense of urgency that propels the broader transformation.

10. Transform from a Position of Strength

The best time to transform is before a crisis hits. Companies that proactively reimagine themselves—while performance is stable—gain the freedom to explore bold moves without the pressure of survival. Strength provides room for strategic reinvention.

11. Balance Creativity vs. Discipline

Transformation requires both imagination and rigor. Creative cultures tend to generate more innovative ideas, but without a clear structure, those ideas never translate into outcomes. This balance is often where a CTO excels—bringing creative energy together with disciplined execution, as seen in the transformations at KeyBank and Macy’s.

12. Balance Vision vs. Foundation

A bold vision inspires, but it must be supported by solid fundamentals. Investing in innovation, building long-term strategies, and shoring up operational foundations create the stability needed to pursue ambitious goals. Delta Air Lines is a powerful example—emerging from bankruptcy by merging with Northwest and doubling down on efficiency and expansion.

13. Balance Experience vs. Adaptability

Transformation isn’t a single event—it’s a continuous cycle. Organizations with a history of successful change are more likely to flourish again, not because the world stops shifting, but because they’ve learned how to shift with it. Amazon’s “Day 1” philosophy captures this perfectly: stay adaptable, stay curious, and never let success breed complacency.

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Each factor can help on its own, but the real magic happens when you combine them. Companies using at least five of these factors can see their success rates double!

Why Now is the Time

It might sound a bit strange, but low growth and uncertain times are actually perfect for kicking off a growth transformation.

Crisis periods often separate the winners from the losers. Excelling during tough times can set you up for long-term success. Think of Taobao during the SARS epidemic, Amazon after the dotcom crash, or Starbucks during the pandemic—they all thrived by pivoting when things got tough.

Remember, growth isn’t just about surviving; it’s about thriving and adapting to shape the future in your favor.

So, why hang around? There’s no better time than now to embark on your own growth transformation journey.