The Efficient Growth Memo Many companies grew until 2021, mainly focusing on new customer acquisitions. Money was free-flowing; valuations were sometimes 10x multiples of current revenue and acquisition costs that were 2x the customer lifetime value did not raise questions. We call this the ‘Growth at all costs’ period, when many leaders launched new products, hired more employees, and liberally purchased every software the team wanted—anything and everything to fund the acquisition pipeline.   As capital became expensive by mid-2022, many business leaders had to make a tough decision: continue acquiring new customers with the same cost propositions as before or be conscious in every […]
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