Everyone wants their business to thrive. Companies spend so much time brainstorming and strategizing over the best ways to be successful. Many look over the 80/20 business rule.
Simply put, 80% of the work you put in will yield 20% results.
80/20 Product
Every business experiences the same kind of pressure. They invest in pushing out products expecting specific results. Some entrepreneurs cast out a huge net to see what bites. They will notice that some items don’t produce as well as others. If you’re finding this to be true, a greater effort should be made to push the products that sell. This can become difficult for some entrepreneurs. They may have sentimental value to the product they nurtured. But in the words of Elsa, let it go! You have to invest time into the services and products that will give you revenue. After all, that’s what fuels a business.
80/20 Team
The same rule applies to your current staff. 20% of your employees will provide you with 80% of your success. This is why it is important as a business owner to engage with all of your staff. Get to know each individual on payroll to the best of your ability. By being connected to your employees, you learn who is a contributor and who is a slacker. You realize the individuals that are putting forth the necessary effort and who is dragging productivity. The 20% are not just getting the job done. They’re rolling up their sleeves and solving problems. They’re passionate about what they do. They care about positive results. These are the individuals you have to invest in. Go the extra mile to show your appreciation. This can be tricky the larger your organization becomes. Many people will become frustrated when they see a boss playing “favorites”. But it’s important to take the initiative in creating a culture within your organization that demonstrates genuine effort always being rewarded. Positivity is everything; it can make or break your success.
80/20 Customers
In addition, 20% of the customers you reach will provide you with 80% sales. That’s why it’s important to be persistent in your marketing. Persistence is key. Posting $10 for one week on one ad is not going to generate hundreds of dollars. It takes constant monitoring and split testing. It requires persistence to figure out the formula to your success. Results are seen after countless hours of research, trial and error and relentless drive. If you find that last week’s $10 on ads didn’t work, push out $20 the following week. Don’t just blindly spend the money. Look into the details that need changing to promote the results you desire.
As a business owner you’re going to find yourself in the same boat as many others before you. How do we find success. How do we maintain it? Just keep in mind that no one wakes up successful. It takes a lot of work to get there. Consider the 80/20 rule in everything you do. You’ll find that the work you’re putting in is not in vain.