Is your business falling prey to the Pareto Principle? Back in 1906, Vilfredo Pareto developed a mathematical formula to demonstrate the unequal distribution of wealth in his country where 20% of the people owned 80% of the land. Dr. Joseph Juran in the late 1940’s wrongly attributed the 80/20 Rule to Pareto calling it Pareto’s Law or Pareto’s Principle. Even though it may be misnamed, this is an effective tool to help move your company’s performance or even your own performance to that next level.
The 80/20 rule suggests that of your activity only 20% is vital or significant and 80% is trivial or insignificant. Juran’s work in quality improvement identified that 20% of the defects resulted in 80% of the problems. Why this rule is important is that when you can identify the 20% of what is attributing to your business growth you can then focus on that 20% with even greater clarity and purpose.
Here are some questions that may help you gain greater focus as you wisely use this tool:
Who are the 20% of my sales staff that produce 80% of my sales?
Who are the 20% of my loyal customers that create 80% of my sales?
What are the 20% of my products or service that produce 80% of my revenue?
What is the 20% of my time that generates 80% of my results?
What are the 20% of the business networking activities that product 80% of my sales leads?
What products take up 20% of my warehouse and generate 80% of my sales?
What is the 20% that I need to focus on to secure the 80% of the desired results?
Take action right now and answer these questions to continue to work smarter not harder if you truly wish to increase your sales leads and get to where you want to be.
Top 7 Questions to Increase Sales Using The 80/20 Rule - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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