Welcome to my new AllBusiness.com blog on Business Innovation & Growth.
For the last 15 months I have been writing the Manufacturing Line blog at AllBusiness, and I welcome the opportunity to more deeply explore Innovation and Growth. This is will be a weekly blog focusing on best practices and helping businesses of all sizes and types think more strategically about growing their businesses profitably.
Innovation and Growth are inextricably linked
For businesses to successfully grow profitably they must be innovative. Most business owners and executives understand this linkage all too well. The problems arise when considering how to actually develop a plan to grow via innovation strategies.
Thus, the goal of this blog is to demystify Business Innovation and Growth and to provide guidance, strategies, tools, methods and processes for businesses to take action and generate results.
Types of Innovation
There are many types of innovation that tend to confuse most of us when thinking about how to apply innovation strategies to our businesses. As an example, a few of the documented types of innovation include:
- Disruptive Innovation
- Business Model Innovation
- Open Innovation
- Evolutionary Innovation
- Breakthrough Innovation
- Platform Innovation
- High Performance Innovation
- Incremental Innovation
- Accidental Innovation
- Product Innovation
- Process Innovation
- Situational Innovation
- Repeatable Innovation
This list goes on, no wonder we’re all confused about how to innovate.
In my experience Profitable Growth is not quite so confusing in terms of the various types that can be identified. What is confusing though is how to develop and execute a Growth Plan to improves sales and profitability simultaneously to build a solid foundation for the future. My goals with respect to Business Growth are similar to Innovation: to help business owners and executives navigate all of the noise and actually develop a Growth Strategy that makes sense and that they can execute.
With all of this in mind, I will write weekly about various topics, Best Pratices and techniques to integrate Innovation Strategies into Business Growth Strategies. Again, the emphasis will be on tools, techniques, processes, suggestions, case studies and more.
So stay tuned.
Charlie Alter owns Bentbrook Advisors LLC based in Sylvania, Ohio. He specializes in Growth Strategy, Innovation and Coaching and can be reached at firstname.lastname@example.org visit http://bentbrookadvisors.com/ for more information on his business advisory practice.