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20th September 2018
By Mo Yusuff
Does it mean you only need to do 20%?
That was the answer I got when I asked David if he knew what the 80/20 rule was.
I’m sure you know all about the Pareto principle, but just in case you don’t, I’ll cover it in a bit.
Now David runs a small Promotional Merchandise business and we first spoke a few weeks ago when he showed interest in selling his business to me.
We share a lot of the same principles and values, and kinda hit it off straight away. And even though he’s in no hurry to part with his business, he’s interested in what we might do together to help each other.
Having signed up to all my free stuff and receiving regular emails from me he asked if we could meet in person. He said he felt he already knew me and wanted to have a meeting to discuss a possible joint venture or something we could do to help each other out.
After my first phone meeting with David I realised he was a switched on. He understands how marketing is vital if you want to, not just grow but, survive as a company. He also knows the importance of exceptional customer service.
As we talked I realised he had some great ideas, he’d even developed a fully automated webshop which generates over 20% of his turnover (think about it, a huge chunk of his income is created with spending virtually no time or effort), but there was a problem.
Even though he knew what he needed to do to grow his business, he wasn’t doing it.
Just by putting in a little effort here and there he’d easily achieve double-digit growth.
So I asked him if he understood the power of the 80/20 rule and the results he’d achieve if he applied them.
Just in case you’re not totally familiar with it, the Pareto principle states that, for many events, roughly 80% of the effects come from 20% of the causes.
If you look at your customer base for example, you’ll see that roughly 80% of your turnover or profit comes from just 20% of your customers (for us it’s pretty much that exact split). You only wear 20% of the clothes in your wardrobe (think about it).
And most importantly, 20% of your time achieves 80% of your successes (we waste 80% of our time on stuff that not only does nothing to achieve results but also we don’t need to do).
Now I understand the problem David is facing.
There are dozens of things he knows will give his company a huge boost, but he doesn’t know where to start. Developing and promoting his fully automated webshop for example is a no brainer.
So I suggested something to him and it was this:
Choose just one thing; book two hours off; take yourself and your laptop to a coffee shop and just make a start. The fact he spent two hours with me during the day and it took him about the same amount of time travelling, and his business is still in one piece kinda proves you can make time for the things you feel are important.
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