What is keeping you awake at night?

As a business leader or entrepreneur, asking the question “what is keeping you awake at night” can be a powerful tool to help you identify areas of improvement and growth for your business. Here are a few ways to use this question as a tool for business growth, inspired by the insights of Jason Jennings:

  1. Identify your biggest challenges: By asking yourself what keeps you awake at night, you can pinpoint the most pressing challenges facing your business. These might include issues such as cash flow problems, employee turnover, or difficulty staying competitive in your industry. Once you’ve identified these challenges, you can start to develop strategies to address them and move your business forward.
  2. Understand your customers’ pain points: The question “what is keeping you awake at night” can also be applied to your customers. By asking your customers what their biggest challenges are, you can gain a deeper understanding of their pain points and develop products or services that meet their needs. This can help you build stronger relationships with your customers and differentiate your business from your competitors.
  3. Prioritize your goals: In business, there are always more things to do than there are hours in the day. By asking yourself what is keeping you awake at night, you can prioritize your goals and focus on the most important tasks at hand. This can help you avoid getting bogged down in minor details and instead stay focused on the big picture.
  4. Foster a culture of open communication: Finally, asking the question “what is keeping you awake at night” can help foster a culture of open communication within your organization. By encouraging employees to share their challenges and concerns, you can create a more collaborative and supportive workplace environment. This can lead to increased innovation, better problem-solving, and ultimately, business growth.

Why should a business license the products and services it produces rather than sell them?

There are several reasons why a business may choose to license its products rather than sell them outright:

  1. Increased revenue potential: By licensing a product, a business can potentially earn ongoing royalties or licensing fees, which can be more profitable in the long run than a one-time sale.
  2. Reduced risk: Licensing a product can reduce the risk for the licensor (the business that owns the product), as they are not responsible for manufacturing, distribution, or marketing. This allows them to focus on their core competencies and reduce their exposure to risks such as inventory management and supply chain disruptions.
  3. Access to new markets: Licensing a product can provide access to new markets and customers, particularly in foreign countries where local expertise is needed to navigate cultural and legal barriers.
  4. Brand building: Licensing a product can help to build brand recognition and increase visibility for the product, which can ultimately drive sales and revenue growth.
  5. Flexibility: Licensing agreements can be tailored to the needs of the licensor and licensee, allowing for greater flexibility in terms of pricing, distribution, and marketing strategies.

What would this look like if it were easy?

Asking the question “What would this look like if it were easy?” can bring about several benefits. Timothy Ferriss, an entrepreneur and author of the book “The 4-Hour Work Week,” introduced this question as a tool to simplify and streamline decision-making processes.

One of the main benefits of asking this question is that it helps to shift our perspective from focusing on the difficulties and obstacles involved in a task to focusing on the solutions and opportunities that could make it easier. By asking this question, we are encouraged to think outside the box and come up with creative, efficient solutions that can simplify complex problems.

Asking this question can also help us prioritize and identify which tasks or projects are worth pursuing. By imagining what an easy outcome would look like, we can determine if the effort and resources required to achieve that outcome are worth it.

Another benefit of asking this question is that it can reduce stress and overwhelm. When we are faced with a daunting task, it can be easy to feel overwhelmed and unsure of where to start. By asking this question, we can break down the task into smaller, more manageable steps, making it less intimidating.

Lastly, asking this question can help us increase our productivity and achieve our goals more efficiently. By focusing on what an easy outcome would look like, we can eliminate unnecessary steps, delegate tasks, and find ways to automate or simplify processes.

Overall, asking the question “What would this look like if it were easy?” can help us approach tasks and projects with a fresh perspective, reduce stress and overwhelm, prioritize effectively, and increase our productivity and efficiency