In business and opportunities the 80/20 rule can be utilised much more frequently and to your advantage. In every walk of life the 80/20 rule seems to hold dominance.
20 percent of actors rake in 80 percent of the wages.
20 percent of sportsmen win 80 percent of the prize money.
80 percent of your business comes from 20 percent of your clients.
The 80/20 Rule and how it affects your Business is quite simple. So how do you use it in your business?
Who are your core 20 percent of customers? They should definitely deserve more than 20 percent of your time. What about using the formula – your top 20 percent of customers deserve 40 percent of your time? When it comes to marketing 40 percent of your budget should be allocated to the top 20 percent.
What about the time spent in business discussing and debating the issues? Most meetings and time spent focus on the 80 percent that is not important. Again analyse your time spent on each issue. If it is not that important to you or your business then halve the time you spend on in it. Double the time you spend on critical issues which will have long term affects on your business....
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