[[:encoded, "Today we are going to talk about Use the 80/20 Rule to Grow Your Business.\n\nIf your business is not growing, you need to get a handle on the way you’re running it. Many business owners tend to spend a great amount of time performing unnecessary tasks that contribute little to the growth of your business. The 80/20 rule, otherwise known as the Pareto Principle, teaches that only 20% of your actions should lead to 80% of your results. Get a handle on your business by putting the 80/20 rule into effect and identifying high payoff tasks. \n\nThe 80/20 Rule (Pareto Principle) Explained \n\nWhat the Pareto Principle Means for Your Business \n\nIdentify the High Payoff Tasks \n\nThe Other Side of the Pareto Principle \n\nIf your business is struggling, you can use the 80/20 rule to identify high payoff tasks. If you are currently working ten hours or more each day, put the 80/20 rule into action to finally take back control of your life. By doing so, you’ll be able to move past the fruitless tasks that make up 80% of your business and take up most of your time. \n\nTake advantage of the complimentary special report on Keys to Working Less, Making More Money, and Having a More Balanced Life by going to www.AccountabilityCoach.com. Join the Silver Inner Circle (IT’S FREE) and receive 10% off on all products and services in addition to having access to many assessments and complimentary resources so you can begin achieving your goals in the timeframe you want, so you can have the life you desire. Get started today by going to www.AccountabilityCoach.com and Join the FREE Silver Inner Circle. \n\nAim for what you want each and every day! \nAnne Bachrach\nThe Accountability Coach™\nAuthor of Excuses Don’t Count; Results Rule and Live Life with No Regrets. Get your copies today."]]
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Aim for what you want each and every day!
Anne Bachrach
The Accountability Coach™
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(upbeat music) - Hello, and welcome to the Accountability Coach podcast, where we will discuss topics, ideas, questions and issues related to having a totally balanced and successful life. This is Ann Backrack. Today we're going to talk about using the 80/20 rule to grow your business. If your business is not growing, you need to get a handle on the way you're running it. Many business owners tend to spend a great amount of time performing unnecessary tasks that contribute little to the growth of their business. The 80/20 rule, otherwise known as the Pareto principle, teaches that only 20% of your actions should lead to 80% of your results. Get a handle on your business by putting the 80/20 rule into effect and identifying high payoff activities for you. Let's explain the 80/20 rule or the Pareto principle. It was developed in early 19th century by Will Fredo Pareto, an Italian economist. The Pareto principle was used to explain why only 20% of the population was responsible for 80% of the country's wealth. It was later in the mid 1900s that the theory of the Pareto principle was modified by Dr. Joseph Duran. When applied to cause and effect, he theorized that 20% of actions or the cause would produce 80% of the end results or the effect. Because Duran's theory expanded on the Pareto's original version of the 80/20 rule, Dr. Duran's theory soon became known solely as the Pareto principle. Well, what the Pareto principle really means for your business. The 80/20 rule can be applied to pretty much any situation, but it is especially beneficial when applied to a business. The 80/20 rule isn't just another ordinary time or business management method. When used effectively, it holds the power to drastically increase your income and free at valuable time while allowing your business to grow. Maybe this means that you can cut down on staff by weeding out tasks that are completely unnecessary by setting up an automated system. Perhaps it means that it is time for you to hire an assistant or a virtual assistant to whom you can delegate the low priority tasks to. Using the 80/20 rule to identify the high payoff tasks within your business and automate the low priority or non-income driving tasks will allow the freedom for you to be able to grow the sales. Identifying the high payoff activities are the tasks. Well, for the purpose of putting Duran's theory into context, let's say that 20% of your employees are responsible for driving 80% of your sales or the productivity of your business. Or 20% of your clients make up 80% of your product or service income. 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 the 80% of your results. Or which of the 20% clients actually are 80% of your revenue and how would you clone them? Put the 80/20 rule into action by focusing on one specific task or on specific tasks that will result in driving revenue. Instead of relentlessly marketing your business to new clients, focus perhaps more on your attention on upselling to your existing clients. It takes as often as 10 times the effort to get a new client to invest or purchase from you as it does to upsell an existing client. Review your products and services for the sales for the last 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 and services, usually it's 20%, that consistently sell and then focus your energy on driving more sales to more clients. If you've received client feedback, let's say on an e-book you wrote, the instinctive solution would be to either address each inquiry individually or release an updated version of the e-book, free of charge. However, you can easily turn the situation into a high payoff task or activity by keeping that feedback or questions in mind and addressing them in a completely new series of e-books. Remember, the Pareto principle is about doing more with less effort. You already have the issues to address. All you simply have to do is put in the information. The other side of the Pareto principle, well, you may assume that you only need to address the productive side, the 20%, but the task that fall into the unproductive 80% must also be addressed. Administrative tasks like answering the phones or checking on emails, doing bookkeeping, setting up your website and monitoring it, pushing papers here and there should certainly not fall into the hands of the executive in your business. That's you. Not to say that these tasks should be eliminated from your business model totally because obviously they're essential. The difference is that they must be delegated so you can focus on the high payoff tasks and set your business up for big growth. Higher virtual assistant or employee to take responsibilities for the tasks that you can't and really shouldn't be doing. If your business is struggling, you can use the 80/20 rule to identify your high payoff tasks. If you are currently working 10 hours or more each day, put the 80/20 rule into action to finally take back control of your life. By doing so, you'll be able to move past the fruitless tasks that made up 80% of your business and take up most of your time. Here are some resources for finding a virtual assistant or virtual assistants to help you in applying the 80/20 rule in your business for even greater success. Try Elance.com, that's E-L-A-N-C-E.com. They have a lot of different providers on a myriad of different services that can assist you. AssistU, that's A-S-S-I-S-T, theletterU.com, is a place where you might find a assistant to help you as well. And the International Virtual Assistant Association has a member directory that you can take a look at as well and that's I-V-A-A.org. I personally use Elance for many of the things that I use, but you can also certainly go to assistU.com and I-V-A-A.org to find people to assist you to being even more successful. My hope for our time together is that you got value and an idea or two that will help you be even more successful. Personally and professionally. Take advantage of the complimentary special report on keys to working less, making more money and having a more balanced life by going to www.accountabilitycoach.com. Join the Silver Inner Circle. It's free and receive 10% off on all products and services in addition to having access to many complimentary assessments and resources so you can begin achieving your goals in the timeframe that you want so you can enjoy the kind of life you truly desire. Get started today by going to www.accountabilitycoach.com and join the free Inner Circle. Aim for what you want each and every day. Until next time, make it a great day. Today and every day. Thanks for listening. (upbeat music) Let me remind you that this recording is protected by copyright law and unauthorized distribution and copying is prohibited. (upbeat music) (upbeat music)
[[:encoded, "Today we are going to talk about Use the 80/20 Rule to Grow Your Business.\n\nIf your business is not growing, you need to get a handle on the way you’re running it. Many business owners tend to spend a great amount of time performing unnecessary tasks that contribute little to the growth of your business. The 80/20 rule, otherwise known as the Pareto Principle, teaches that only 20% of your actions should lead to 80% of your results. Get a handle on your business by putting t...
