The answer is YES, it is possible.  IF…you follow this principle delivered by  John Assaraf, best-selling author of ‘The Answer; Grow Any Business, Acheive Financial Freedom, and Live an Extraordinary Life’ Norbit full .

Based on the principles of Pareto’s Law

or the 80/20 rule, John explains that in order to grow your revenues and profits you CANNOT allocate the same amount of time to all of your business activities.

“Suppose your business has 50 different activities, such as sales, marketing, operations, finance, research, customer service and so on. According to the Pareto Principle, 20 percent of those activities will generate 80 percent of your revenues. Conversely, 80 percent of those activities will generate only 20 percent of your revenues. Doing the math shows that 10 out of the 50 activities will produce four-fifths of all the income your business generates.

Now, assume that your business takes in $100,000 a month. According to the Pareto Principle, 10 of your 50 activities would account for $80,000 of your monthly revenue, which works out to $8,000 per activity. Conversely, 40 of the activities would produce only $20,000 each month, which pencils out to a paltry $500 per activity. Sixteen times 500 equals 8,000, so your top 10 revenue-producing activities are 16 times more effective than the bottom 40.

Suppose you took it even further and moved the 80/20 ratio to 90/10, so that only 10 percent of your activities produced 90 percent of your revenues. That would make you 81 times more effective than you currently are. Merely by focusing your time and attention on the five or ten activities that have the highest impact on your business, you can increase your revenues and income by 16 to 81 times!

If you like what you just read, download the audio ‘The Power of 16x’ Duets full

, and you can also email me for an accompanying activity worksheet so you can start implementing this strategy and growing your revenues by 16 times right now!!  spencer@worksmartla.com

Vilfredo Pareto

One of the most popular observations I make watching small business owners is the never-ending spiral of trivial activities that they undertake day after day after day.  Though most of these seem important and URGENT at the time, most are low leverage, meaning in six months it wouldn’t have made a difference whether they were done or not.  We seem to focus on the trivial many versus the critical few.

Before you start another day in this overwhelm consider how the 80/20 rule plays a role in your business.  The Italian economist taught us that 80% of the affects come from 20% of the causes.  While you probably can already confirm that 80% of the time you wear only 20% of the clothes in your closet,  consider that 80% of your results are coming from 20% of your activities in your business.  So what are those activities?  Most likely they are one of three things:  attracting more clients, generating more revenue from existing clients or increasing profit margins.  Start looking at your moment to moment activities and question yourself on their impact.  By the way, you might also find that 80% of your sales are coming from 20% of your clients.
Rick Lugash

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