The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy.
In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employees provide the best return on investment.
In this episode, you’ll also hear:
- Identifying high profit customers and services
- Analyzing employee and task productivity
- Knowing where your sales come from
Must-listen moments:
[00:03:20] What you're looking for is to find out and isolate those services that are making you the most money and make sure everything is focused on it.
[00:05:44] By applying the 80/20 rule, we can maximize the productivity and efficiency by concentrating efforts on the activities that yield the greatest results and contribute most significantly to the success of the business.
[00:09:40] Sometimes that's the biggest problem. We don't realize that we're spending so much of our time and energy. and money on things that don't have a high return for us.
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