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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!
, 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
Imagine this; you are deep in thought, tackling an important project, you are in the zone - then…’ding’…the echoing sound of your email inbox, that’s right, you’ve got mail. Your thought process screeches to a hault, your mind shifts, you think ‘nah, I’ll check it later’, but what if it’s important? What if it is crucial information? Or, what if it’s an amazing discount offer from your favorite online retailer…? Doesn’t matter, you’ve now lost focus on the task at hand and reach for the mouse. How many times does this occur throughout your day? I bet it happens often enough, that if you added up all of the diversion of time wasted you could calculate that into money lost.
Test: Take an egg timer and set it for 1 hour. If you can go a whole hour without checking your email, you’re fine. If you start having a nervous breakdown and can’t go just 1 hour without checking that precious inbox, you’ve got problems.
I recently listened to a great interview John Assaraf
did with ‘The Productivity Pro’, Laura Stack, in which she states you should check your email no more than 4 times a day. “Checking your inbox any more than that is just a fancy way to procrastinate”, says Stack. She continues to add that most people use their email as a ‘to do’ list causing them to alter their focus and thought patterns which results in a high level of inefficiency in the workplace.
Follow Laura Stack’s 6 D’s just 4 times a day so you can maintain focus, maximize productivity, and increase your bank account!
Discard / Delete; You can quickly decide whether a message is junk, spam, information that does not need to be kept.
Delegate it; Give it to someone to handle, a partner, staff member, or employer - then move it to a personal folder in your email application.
Do it; Ask yourself ‘can I reply right this second?’ get it off your plate and be done with it - then delete it.
Date it; Can’t reply right now? don’t just leave it in your inbox! Convert it to a ‘to do’ or ‘task’ in the email application and then move it to a folder.
Drawer; This email doesn’t require any action, but needs to be saved - simply move it into a folder in your email application.
Deter; Why do I keep getting this? Unsubscribe, block, set up a rule to automatically move it into a folder.
These simple steps will save you time, money and most importantly - your sanity. Remember, the way you do anything is the way you do everything. You must change your actions if you want to change your results. If you would like a copy of this interview for detail on the 6 D’s and even more ‘Productivity Pro’ tips, send me an email; spencer@worksmartla.com micardis
Looks like we have a new international phenomena on our hands. Unless you are really living in the dark, you have probably seen the media madness that is following the vampire movie “Twilight” and it’s cast. Thousands of teenage girls are swept up in the frenzy, packing malls, retail stores and movie theaters just to get a piece of this movie for themselves.
Now, if you have been reading this blog, you’ll know that one of our favorite business growth strategies is to create partnerships or joint ventures. Using your products or services to support a complimentary product or service is a tremendous way to increase your brand awareness by getting in front of a completely new customer base.
The City of Industry clothing retailer, Hot Topic, Inc. has sunk their teeth in to a JV relationship that has its third quarter net income up 11% vs. the same period last year. This rise in sales is directly related to a licensing detail between the “Twilight” movie and the Los Angeles retailer. According to Joel Russell’s article in the LABJ, Hot Topic, “has long tried to shed an image as a seller of goth clothing and become a mainstream store for young buyers…Sales peaked leading up to the film’s release, when stars signed merchandise in Hot Topic stores around the country.” If the “Twighlight” book series continues to be converted to the big screen, the company can for see a very bright future ahead of itself.
Are you stuck in a sales slump? Do your customers only see you in one light? Are you searching for ways to market your other benefits to a new group of consumers? Keep your focus on potential partners out there with the same message and customer base that you want to reach. Strategize all the opportunities that both parties could receive from the partnership and then create a winning proposal to present to your prospect. Now is the time for creativity and everyone is looking for ways to grow their businesses. If you can show them how your partnership can create mutual growth, then you have just found your new bloodstream (sorry, I just couldn’t help myself!). buy synthroid
I was inspired to blog today about an email I received from a client who is in a dark place regarding the state of his business. He writes: “I’m on the verge of tears alot so I hide. I haven’t been in this situation before. I am in uncharted waters, working to figure out how to pull it all together.” Continue reading →
At the recent BNI International Conference in Los Angeles, almost one-thousand small business owners gathered to learn new revenue generating strategies, network with other like-minded entrepreneurs and create strategic relationships geared towards growing their business.
The special guest presenter, Brian Tracy, spoke on business building topics such as doubling your income and achieving financial independence. And as much respect as I have for the brilliance that Mr. Tracy brings to the business and sales world, I couldn’t help but think that he was not presenting any new ground breaking material…there was no rabbit in the hat, no magic blue pill…though as I looked around the room, all I saw was big eyed optimists looking for the ‘Answer’ to solve their problems, to get them focused, to generate more business and money than they could ever imagine. And as I continued to listen to Mr. Tracy present the importance of how the 80/20 rule relates to your daily activity and the overall results you are getting in your business, I noticed a strange act among the small business owning participants. In unison, they were nodding their heads up and down, they were taking notes, they were turning to the person next to them to say things like; ‘yes, he’s right’, or ’so true’. Now I understood. It wasn’t the fact that the information was not new. It was the unfortunate reality that small business owners are NOT doing what they are supposed to be doing on a daily basis, to generate the desired results that they truly want in their life and their business. The average small business owner is overwhelmed, unfocused and wearing al the hats! They know all of this stuff, their just not doing it.
What does this mean?
Well sure, it means that to increase revenues and profits and grow your business, you cannot allocate the same amount of time to all of your business management activities.
And of course, the secret to running a successful business—whether you have $1 million or $1 billion in annual sales—is to find out what you should be doing and hire, barter or outsource people to do everything else.
But this information alone is useless…you must TAKE action! You have to DO something about it!! If you choose to download this worksheet, promise me you will commit to taking action.
I stumbled upon this great article by Sarah Caron, which I found to be so empowering for all small business owners right now. It is very easy to get wrapped up in the “gloom and doom,” of our current economic conditions, however, this mentality is not healthy for your business. If you buy in to the idea that you can not grow your business right now, then…you’re right, you probably can’t. But what if you changed that beleif? Do you think that with a different belief, you could produce a different result? These 14 companies did it, so can you.
14 Big Business that Started During a Recession
By Sarah Caron | November 11, 2008
It might seem counterintuitive to start a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump.
Why do these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The following major corporations made it big during recessions by doing just that.
Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services such as wifi hotspots.
with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.
IHOP Corp.is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.
