Apply the Pareto Principle
The summer vacations are over and now comes a great time for renewal of some of your business strategies and plans. Let us add one to your list . . . the Pareto Principle – also known as the 80/20 Rule.
Applying this principle rule to your business, you may learn a great secret of your business. You will know fairly accurately the names/identities of your customers that comprise the top 20% of your clients. Those 20% of your customers provide 80% of the sales revenue you produce. Take a moment to analyze that 20% of your clientele and note all of the indicators of their businesses. Look at the style, type, location, management, product differentiation, and any other indicators that are included among the 20% of your customers producing 80% of your revenues. Now you have a certain profile that you can effectively target as prospects.
Implementing this principle rule as an owner or manager and focusing more time and energy on the customers that generate 80% of your revenue can only lead to higher sales/revenues. Increasing revenues is a great thing, but can cause working capital issues. That is where Associated Receivables Funding, Inc. can help. We work with small to medium size business throughout the United States by providing the necessary working capital for that growth. Call us – we are Resourceful/Flexible/Reliable and very eager to work with you.