The Navigator

Archive for July, 2009

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“Let the 80/20 Principle Pay Off for You”
by Ali Brown

It pays to play to your strengths. But how do you pinpoint the areas that will increase revenue and earn you more money? Simple: by following the Pareto Principle. Developed by Italian economist and sociologist Vilfredo Pareto, this short, simple rule states that 80% of our results come from 20% of our activity.

You may have heard that we wear 20% off of our clothes 80% of the time, and the same 80/20 rule applies to business. For instance, 80% of your sales come from 20% of your customers. Conversely, 80% of your complaints come from 20% of your customers and 80% of the profits made in your industry come from 20% of the companies. The exact percentages may vary, perhaps 75% and 25% instead of 80% and 20%, but the concept remains the same.

By identifying customers and areas that are most valuable to you and your business, you can boost your bottom line without working longer or harder. In fact, you’ll be working smarter. At the same time as you’re finding your most profitable areas, you also need to think about those customers or products that are not performing well and may actually be dragging down you and your business.

For instance, if you own a secondhand music store, you probably have some inventory that is flying off the shelves and other products that just aren’t selling, no matter how low you price them. By dividing your products in categories (perhaps by music genre), you could see which items your customers are buying and which ones you should stop carrying. By matching your products to customer demand, you’ll be able to turn over inventory more quickly and make more money, all without adding more square footage or spending more money on advertising.

Here are some areas to consider in your own business:

*Employees – Who is your rock star salesperson and what you can you do to help them achieve even better results? Also, who is underperforming and might they be better suited to other tasks? Both are important considerations.

*Customers Calculate how much revenue you’re getting from each customer and subtract the cost of administrative time or other costs to maintain that relationship. Once you’ve figured out which customers are in your top 20%, you can make some strategic decisions about how to better meet their needs.

*Markets – If you sell products to different markets, evaluate these markets with the same principle you used for evaluating your customers. The markets that are earning you the most money should become obvious, so you can start examining the direction in which the company is headed.

Once you’ve identified areas that aren’t paying off, you have to be ruthless and kick them to the curb. Your business cannot flourish if you’re spending valuable time and resources on customers or products that are unprofitable. Once you make the strategic decision to cull wasted space and focus on areas that earn more money, you’ll have a much better chance of surviving, and even flourishing, in a competitive business environment.

© 2009 Ali International, LLC

Self-made multimillionaire entrepreneur Ali Brown is devoted to creating financial freedom for women globally through the power of entrepreneurship. To learn how to create wealth and live an extraordinary life now, register for her free weekly articles at www.AliBrown.com

It’s always better to give too much, pay too much, and love too much, than not enough.

But then, Michele, since everything comes back to you anyway, can there ever be too much?

I love you too much anyway,
The Universe

Want your own messages from the Universe? Visit tut.com.

So, things have been crazy lately and I haven’t blogged much lately.  I’m feeling a little guilty about it.  It was something I had committed to and yet here we are again – not following through.  My intentions are all good and then life happens and I get off track.  For those who know me, getting off track is pretty easy.  Thoughts and ideas overflow from my head 24/7.

I used to think I wanted to shut it off until someone asked me one day during a healing session if that’s what I really wanted.  It only took a second for me to realize I didn’t.  I LOVE all the ideas that come to me.  I LOVE learning.  I LOVE it all!  I’m so grateful she asked me that or I may have spent the rest of my life trying to shut it off.

So, where am I at today?  Where am I not would probably be a quicker answer but I’ll give you just the highlights and try to keep it short.

Tomorrow I start school.  I can’t wait.  Every couple of hours here at home today I pop my head around the corner and asking my family if they know what tomorrow is.  They say no or Monday and then I say, “It’s a school day!”  Can you tell how excited I am?!  First on my agenda?  Learning all about color theory.  Well, second.  First I tested out of one of my classes because I felt I knew most of what the class would cover.  They said I was the first one to try testing out of this class and pass!  Yeah me!

Many of you know I spent 15 years in parks and rec.  I left in part because I really wanted to be able to offer programs and services that I am passionate about.  Not ones that someone else told me I had to offer.  Now I’m doing that.  The other thing I loved doing for parks and rec was marketing and graphic design.  That’s what I’m going back to school for!  I know I have some skills and I could gain more on the internet or in an occasional class here or there but I really want structure – the most missed component of having a 9 to 5 job.   It’s great to be able to work in my pjs on the couch and to decide when to schedule things and I still crave some structure.

It will also create a network of people who are passionate about the same thing for me.  I have this for the other aspects of who I am but not so much for people who love designing.  I am also really excited to be the student here and connect with other students too!

The theme here?  I saw that I wanted/needed something and I figured out how to make it happen and I did it!

What is it that you want?

What are you willing to do to make it happen?

When you see a roadblock/obstacle, what do you do?  Do you give up or find a way to go around it?

I’d love to hear from you…please leave a comment!

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This is so true!

Only when you care enough for people to help them pass you by can you truly consider yourself a leader.

Tweeted by barefoot_exec

Love this quote!

“I was always looking outside myself for strength and confidence but it comes from within. It is there all the time.” ~Anna Freud

Shared via Twitter by UCanHealUrLife

• Forgive someone today. #
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• Moving forward requires trust in yourself and the Universe. Do you trust? #
• Simple pleasures…pedicure in a massage chair. Big decision today…flower or no flower! #
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• Take a risk today. #
• I’m going back to school! #
• Latest article in the Soul of the Cities publication: http://tinyurl.com/lpty2x #
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• Cool #
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