OPINION Aquila Column
In a recent article, “Supercharge Investor Communications by Adding Story to Strategy,” The Boston Consulting Group (BCG) lays out a compelling case for corporate leaders to tell their stories better and to do so continuously—not just on investor days. The advice is practical and timely, especially as competition for capital tightens and investors demand transparency. However, there’s a gap in BCG’s narrative: while they suggest acknowledging mistakes, they fail to address one of the most damaging trends in corporate storytelling—over-promising and under-delivering.
This isn’t just a minor oversight; it’s a critical issue. Take the solar energy sector, for instance. Globally, and here in South Africa, the story sold to investors was one of boundless potential—a “sure bet” for the future. Yet, as we’ve seen recently, some solar companies are closing their doors. So, what happened to that narrative of inevitability and success? Was it dishonest from the start, or did things just go wrong?
I don’t think most company leaders deliberately mislead their investors. They are often acting with the best of intentions. But as we’ve seen time and time again, intentions don’t always line up with outcomes. When trouble hits, that once-inspiring narrative can collapse under the weight of reality.
A more recent example comes from closer to home: the turnaround story of South African retail giant Pick n Pay. The narrative paints an optimistic picture, and there’s plenty of “supercharged” storytelling around it. But is it credible? Will adding layers of polish to the story make it any more believable, or does it risk falling into the same trap as the solar energy hype?
To create more authentic narratives, companies need to focus less on the “rah-rah” and more on being realistic. Investors respect ambition, but they also crave clarity about risks, challenges, and the full scope of the market. Perhaps the real story worth telling is not just about how well things will go, but how well-prepared companies are when things don’t.
