Not enough…
Because the Pareto principle can be applied to virtually every area of ytour business.
It states that 80% of consequences come from 20% of causes.
So business owners have occasionally looked at the 20%, to know where best to focus their efforts.
Which of these have you tried in your business?
📌 Determine your top 20% of employees that generate 80% of productivity. Invest in their growth and leverage their talents across the business.
📌 Identify the 20% of processes that cause 80% of problems or delays. Streamline, automate or outsource these processes to improve efficiency.
📌 Analyse recurring problems and complaints. Fix the top 20% which would solve 80% of customer issues.
📌 Identify your top 20% of customers that generate 80% of your revenue. Focus your energies on retaining these customers and seeking lookalike customers.
📌 Review where you spend your time. If 20% of your activities generate 80% of impact – what should you delegate or eliminate?
If you applied the 80/20 rule to ONE area of your business today – what impact could you have on your bottom line over the next few weeks and months?
#SME #exitlaunchpad #Pareto #M&A