Companies that include new business development among their strategic priorities are better able to navigate periods of economic stress, according to a study by McKinsey, the management consultancy. 

Why it matters

Investing in new lines of business is a noteworthy item on the corporate agenda, as it can open new routes to growth and help brands respond to changing marketplace conditions. This strategy, however, requires support from the C-suite and adequate resources to succeed.

Takeaways

Drawing on a survey of over 1,000 business leaders worldwide, McKinsey’s analysis found:

• Companies which make building new businesses a top-three priority are more than...