The book actually addresses only part of the “growth dilemma” referenced in its subtitle: It explains how to identify the best modes of obtaining the resources needed for growth, but it presumes that the reader knows how to create the right strategy for growth and how to identify the resources needed to execute it. Nevertheless, Capron and Mitchell present a cogent framework for answering the mode question, along with many rich examples that enliven what might otherwise be a pretty heavy slog.
No strategy is complete until the mode question is answered, and many strategies fail because no one thought to ask it. Moreover, confident decisions about what strategy to adopt and what capabilities to develop are highly dependent on knowing how to obtain the required resources. For these reasons, reading Build, Borrow, or Buy could help you enhance your company’s strategy as well as its execution.
- Ken Favaro is a senior partner with Booz & Company based in New York, where he leads the firm’s work in enterprise strategy and finance. He writes the “Capable Strategist” column for strategy+business.