It's one of the most challenging questions an executive team faces--and the wrong answer can break your firm.

The problem is most firms' growth strategies emphasize just one type of growth--some focus on organic growth, others on M&A. When these strategies falter, the common response is simply to try harder--but firms falling into this "implementation trap" usually end up losing out to a competitor whose approach is more inclusive.

So where do you start? By asking the right questions, argue INSEAD's Laurence Capron and coauthor Will...