How the 80/20 Rule Can Improve Your Business
The 80/20 rule is something that you’ve likely heard about, but haven’t paid much attention to in your business. Also known as the Pareto Principle, the purpose of the 80/20 rule is your profitability.
Explaining the 80/20 Rule
The 80/20 rule means that 80% of your profit comes from 20% of your clients. So, you should focus on the tasks that make the most money for your business. The 80/20 rule is a great way to help you learn how to manage your time and prioritize what you should work on each day.
Using the 80/20 Rule in Your Business
Commonly, small business owners default to a concept commonly abbreviated as GSD. It means “getting stuff done.” We get in production mode and we just start tackling the list of everything that has to be done. Sometimes, the list of things to do in a day is longer than what we can actually do. You can use the 80/20 rule to prioritize your list.
Rewrite your to-do list with the most profitable items at the top. Profitable items can include contacting potential clients and referrals. Then, whatever time you have left after implementing the 80/20 rule you can use to handle administrative and other tasks.
What If You Don’t Have Time to Do It All?
While the 80/20 rule is helpful in prioritizing the best tasks to tackle throughout your day to keep your business profitable, it can often leave other necessary tasks unfinished. If you don’t have time to do it all, consider partnering with others to get everything done.
Clients ARM is a provider of remote services for service based businesses such as architects, law firms, doctors, and corporations. We routinely assist our clients with collections, accounts receivable, customer service, and billing. This enables our clients to continue placing their focus on their top 20% without worrying about the other tasks that need to done.
To learn more about how Clients ARM can save you both time and money, contact us to schedule your free process review. We’d be glad to walk you through how our services work. For instance, when we assist our clients with customer service, we act like an extension of the company. The seamless transition is perfect for small offices that need to create a bigger presence and who need help keeping their current client base happy. Clients ARM also costs about 40% less than hiring a traditional employee. Because we work as a contractor, you have no obligation to provide benefits such as healthcare. Ready to get started? Give us a call! You’ll be glad that you did.
