Practical steps for business innovation and growth, with Steve Wunker

Comments? Suggestions? Text the show here! When people talk about business innovation, the top of their minds is new tech or new products.However, small business innovation particularly, is so much more than that.  It's also about fresh ideas, seeing things from a different perspective - including how you use your products, making smart choices, and strategic growth. So what does innovation look like in small businesses? Are there any tools or techniques that can enhance innovation? How does it drive success? And how can you, as a leader, build a culture of innovation in your business?In this episode, Steve Wunker and I talk about innovation, specifically in businesses. What it is, what it looks like, and real-world examples of innovative businesses. He shares practical strategies and informative insights on how you can foster innovation and stay ahead of the market regardless if you are a small or large business.Steve Wunker is the Managing Director of New Markets Advisors, a global consulting firm focused on innovation. He was responsible for one of the world’s first smartphones, pioneered the mobile marketing and commerce industries, and partnered with a longtime colleague, Harvard Business School’s Clayton Christensen, in building the consulting firm Innosight. He’s also the author of three award-winning business books and the co-author of the new book: The Innovative Leader: Step-by-Step Lessons from Top Innovators for You and Your Organization.We discuss: (timestamps) 02:08 Exploring innovation in small businesses03:06 The innovation process for small businesses04:06  Managing customer expectations in innovation09:16 Innovation as an evolutionary process11:10 Identifying opportunities for innovation13:02 Rebranding as a strategy for innovation17:13 Different types of innovation beyond products and services18:40 Questions and frameworks to jumpstart innovative thinking20:31 Building and cultivating innovation in your business27:05 Balancing financial prudence and innovation31:30 Real-world example: laundromat innovation34:56 Actionable steps to take for small business innovationResources:Steve Wunker, Managing Director, New Markets Advisor http://www.innovativeleaderbook.com/LinkedIn: https://www.linkedin.com/in/stephenwunker/Email:[email protected] Author: The Innovative Leader: Step-by-Step Lessons from Top Innovators for You and Your Organization (2024) - https://a.co/d/57VXey0Capturing New Markets: How Smart Companies Create Opportunities Others Don’t (2011)https://www.amazon.com/Capturing-New-Markets-Companies-Opportunities/dp/0071825959Jobs to be Done: A Roadmap for Customer-Centered Innovation (2016)https://www.amazon.com/Jobs-Be-Done-Customer-Centered-Innovation-ebook/dp/B01HJ35YNI?ref_=ast_author_dpKathy Svetina, Fractional CFO:https://www.newcastlefinance.us/Blog post | Practical Steps for Business Innovation and Growthhttps://www.newcastlefinance.us/listen/practical-steps-for-business-innovation-and-growth/Is your growth causing financial headaches? Sales up, but profits lagging? Financial practices stuck in entry level mode?Don't worry, it's not you—it's your financial setup.Introducing NextGen Finance Blueprint by NewCastle Finance. This CFO-led roadmap: • Brings fuzzy finances into focus • Gives you a clear money picture • Creates a step-by-step action planReady to level up? Visit newcastle.finance/blueprint