The power created by one simple question could have illuminated Wembley Stadium.

That question …. “How might I use that in my business?”

At our Mastermind Group, we reviewed the 80 / 20 principle. It’s simple and easy, sharpens your focus and, whilst you may already know it, are you using it every day to consistently benefit you and your business? We found that we weren’t as often as we might.

On average, 20% of what you do gets 80% of your results (it’s called the Pareto Principle):

  • 80% of your turnover comes from 20% of your customer base. Beware of this red herring – turnover is vanity, profit is sanity and cash (getting paid) is reality.
  • 20% of your customers generate 80% of your profit – this information is gold – which 20% of your customers make you the most profit and pay you on time? Where do they come from and how can you get more of them?
  • What is the 20% of your time that generates 80% of real forward progress in your business? Is it when you are away from, or at your desk?
  • And what are the 20% of your processes, systems, people or suppliers that cause 80% of the ‘noise’ (complaints, errors, re-work, interruptions, frustration)? These are vampires that suck valuable time and energy and make it impossible to start your to do list before 6pm.

So what next……

If you really knew what the 80 / 20s were in your business for each of the above, and used them everyday to shape your actions, your attention, your team and your processes, just how much time, effort and energy would you save?

It’s liberating! But only when you take action.

What three changes would make the biggest 80 / 20 impact for you?

To your success

PS – We are opening three new places on the Four Times More® MD’s Mastermind. As a small team of ambitious MD business owners, we spend one day a month together focussing on growing our skills as MD’s whilst growing healthy, sustainable businesses that can operate independently of us.

We share experience, pull on our collective intelligence, pool ideas, challenge ourselves and use the group as a sounding board. We work out the actions that will have the greatest impact on getting us where we each, individually, want to go and hold ourselves, and each other, accountable for delivering on our commitments.

Best of all, rather than feeling alone and isolated, it’s motivating to be part of a group who understands exactly what being a business owner is like and supports each other to succeed.

Find out more here. Places are strictly limited and first come first served upon successful application to ensure we are a good fit. Just email [email protected] to chat with one of the group.