Pareto Principle – Identify the High Payoff Tasks to Grow Your Business
- Pareto Principle - Identify the High Payoff Tasks to Grow Your Business Anne Bachrach 2:03
You can apply the 80/20 Rule to almost anything. For the purpose of putting the 80/20 Rule into context, let’s say that 20% of your employees are responsible for driving 80% of your revenue, or 20% of your clients make up 80% of your product or services sales and revenue.
To grow your business and success, it’s vital that you closely analyze your business model and examine which 20% of your actions are accountable for 80% of your results.
Put the 80/20 rule into action by focusing in on specific tasks that will result in driving sales and revenue. Instead of relentlessly marketing your business to new clients, focus more of your attention on up-selling to your existing clients. It takes as much as ten times the effort to get new clients to purchase from you as it does to up-sell to an existing client.
Review your product and service sales for the past two years. If you have products or programs consistently not selling – close them out at a reduced cost or completely discontinue them. Identify the products or services (usually 20% of your stock) that consistently sell and then focus your energy on driving more sales to those clients.
If you’ve received client feedback, let’s say, on an eBook you wrote, the instinctive solution would be to either address each inquiry individually or release an updated version of the eBook, free of charge. Remember, the Pareto Principle is about doing more with less effort. The 80/20 Rule can be powerful to you increase your success to your next level – and we all have one.
Want more proven business success tips and resources? Subscribe to my Blog, by going to https://accountabilitycoach.com/blog.
Want more from The Accountability Coach™, subscribe to more high-value content by looking for me on https://www.accountabilitycoach.com/my-podcast/ and on most podcast platforms and in most English-speaking countries, or by going to https://itunes.apple.com/podcast/accountabilitycoach.com/id290547573.
Take advantage of all the complimentary business tips and tools by joining the Free Silver Membership on https://www.accountabilitycoach.com/coaching-store/inner-circle-store/.
Go to https://www.accountabilitycoach.com to check out for yourself how I, as your Accountability Coach™, can help you get and stay focused on you highest payoff activities that put you in the highest probability position to achieve your professional and personal goals, so you can enjoy the kind of business and life you truly want and deserve.
I’m the author of many books, including, Excuses Don’t Count; Results Rule, Live Life with No Regrets, No Excuses, The Guide to Stopping Procrastination, The Power of Visualization, My Gratitude Journal, the Work Life Balance Emergency Kit, and The Roadmap To Success with Stephen Covey and Ken Blanchard, and more.
Aim for what you want each and every day!
Anne Bachrach
The Accountability Coach™
