EP010: Solving Industry Bottlenecks, The X-Factor Essential Question with Barrett Ersek

: Are daily tasks bogging you down and keeping you from moving your business forward? If so, gather your executives and hit the pause button every 90 days. Step back and gaze into your industry looking for bottlenecks or problems which need to be solved. Craft the essential question based on creating solutions to those bottlenecks. Be aware of unintended consequences which may lead to additional revenue generation. A successful business is a resilient business and faith in life creates resiliency.   Key Takeaways: [1:11] What is the X Factor [1:30] Industry bottlenecks need create solutions [4:37] How to change our cost per sale was our essential question [6:17] We serviced our customers faster than our competitors by answering the essential question [10:45] Industry bottlenecks versus individual business bottlenecks [14:06] 5 different points of view or diagnostic levers lead you to 25 bottlenecks [21:37] Unintended consequences or by products of your business used to generate revenue [23:38] Tom’s is a great example of generating revenue from a negative externality [25:45] Relationship drivers that control your business; the Outback example [28:20] Every 90 days talk about your essential question [31:58] The essential question must be tracked in a metric form [32:48] Synthesized innovation [34:11] Daily tasks get in the way of innovation [36:29] Faith in life creates resiliency and opportunity  [39:19] A personal reflection on the concept of gratitude and human development   Mentions: BreaktheBottleneck Holganix HBR EO Gazelles EMyth GoodtoGreat Praxent