Pioneering Innovation - Mike Shannon - Shift & Thrive - Episode # 008

Shift & Thrive: CEO Insights on Driving Change

In this episode, host Natalie interviews Mike Shannon, an accomplished entrepreneur with a track record of driving growth and innovation. Mike shares his experiences leading PackBack, a successful education technology company, and his current venture Impruve, which aims to revolutionize coaching and feedback with AI. He discusses the misconception of dramatic organizational change, stressing the importance of continuous, small iterations. Mike also reflects on navigating major pivots in business models, effective change management, and the critical role of rapid iteration cycles. He advises leaders to start early and leverage fast learning cycles to discover and adapt quickly.

Takeaways:

~Faster Learning Cycles: Prioritize rapidly iterating and refining your product or service. Quick cycles of testing and feedback are critical to understand what works and what doesn’t.

~Embrace Experimentation: Don't be afraid to experiment with new ideas, tools, and processes. Even if initial tests fail, valuable insights can guide you towards more effective solutions.

~Leverage AI for Management: Integrating AI tools can help streamline managerial tasks and provide valuable insights. Custom AI solutions can assist with feedback, coaching, and overall team management.

~Flexibility in Vision and Tactics: Maintain a clear purpose but be flexible with the ways to achieve it. Tactics can change over time as long as they align with the overarching mission.

~Effective Change Management: When pivoting business models or undergoing significant changes, clear communication with all stakeholders (investors, team members, clients) is vital. Aligning everyone with the new vision ensures smoother transitions.

~Cost Management in Cyclical Businesses: In industries with seasonal or cyclical patterns, manage your costs wisely and plan for longer sales cycles. Operating leanly can help weather the slow periods.

~Customer Feedback is Key: Always listen to your customer feedback closely and be ready to adapt. Understanding customer pain points and needs can drive innovation and improve product-market fit.

Quote of the Show:

• “No one is checking my GPA in a pitch meeting, they’re checking my traction, which can be driven by me picking up a phone… and I can pick up a phone.” - Mike Shannon

Links:

• LinkedIn: https://www.linkedin.com/in/mikeshannon101/
• Website: http://www.impruve.com/

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2D1YbT2QhKxIwbREpU7EMb
• Apple Podcasts: https://podcasts.apple.com/us/podcast/shift-thrive-ceo-insights-on-driving-change/id1740828813
• Amazon Music: https://music.amazon.com/podcasts/fa60b654-1955-4055-93df-fdd40c2a5c8f/shift-thrive-ceo-insights-on-driving-change
• iHeart Radio: https://www.iheart.com/podcast/269-shift-thrive-ceo-insights-166792501
• Pandora: https://www.pandora.com/podcast/shift-and-thrive-ceo-insights-on-driving-change/PC:1001086797
• YouTube: https://www.youtube.com/channel/UClf9QxGUxZw_Sv8_4bZP34Q

This show is sponsored by Magnetude Consulting, bringing you the thinking-Power of a Growth Consultancy and the Getting-It-Done Power of a full-service B2B Marketing Agency.

Learn more at: https://www.magnetudeconsulting.com