𝐔𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐏𝐚𝐫𝐞𝐭𝐨 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬

 

As we approach another year end and turn the page to setting goals for 2023, I am reflecting on where my time went, what types of engagements I had and who I’m going to target for the New Year.

The Pareto Principle is simple – it’s an 80/20 split that says 80% of a company’s revenue should be generated by 20% of the customers and 20% of customers consume 80% of time and resources.

𝑻𝒉𝒆 𝒇𝒊𝒓𝒔𝒕 𝒊𝒕𝒆𝒎 𝒐𝒏 𝒎𝒚 2023 𝒍𝒊𝒔𝒕 𝒐𝒇 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒈𝒐𝒂𝒍𝒔 𝒘𝒊𝒍𝒍 𝒃𝒆 𝒕𝒐 𝒎𝒂𝒌𝒆 𝒂 𝑻𝒐 𝑫𝒐 𝑳𝒊𝒔𝒕 … I need to concentrate of increasing the number of clients that contribute to the 80% of revenues that my business generates.

2022 was tough for me and I expended a ton of time working for little to no profit; I did the opposite of Pareto’s Principle and instead spent 80% of my time as a wasted commodity. A key to business ownership is continually learning and pivoting to dynamic changes that are often presented.

What goals are you setting for yourself and your business in 2023?