The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy. In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employees provide the best return on investment. In this episode, you’ll also hear: Identifying high profit customers and services Analyzing employee and task productivity Knowing where your sales come from Must-listen moments: [00:03:20] W hat you're looking for is to find out and isolate those services that are making you the most money and make sure everything is focused on it. [00:05:44] By applying the 80/20 rule, we can maximize the productivity and efficiency by concentrating efforts on the activities that yield the greatest results and contribute most significantly to the success of the business. [00:09:40] S ometimes that's the biggest problem. We don't realize that we're spending so much of our time and energy. and money on things that don't have a high return for us. Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com Reach out to Alisa: Alisa@firststepsfinancial.com Connect with us on social media! FB - https://www.facebook.com/FirstStepsFinancial IG- https://www.instagram.com/firststepsfinancial/ LinkedIn - https://www.linkedin.com/company/first-steps-financial/ Podcast audio/video editing and show notes by http://www.podcastabundance.com/services…
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From streamlining processes to scaling your company, welcome to the spot where you get bite-sized financial information for entrepreneurs to help you succeed in your business! With over ten years of experience owning her own accounting and bookkeeping firm and working with hundreds of entrepreneurs, she’s here to break down these questions in easy-to-understand language and actionable items. Tune in every Thursday for five to ten minutes of invaluable information. If you have questions about businesses or bookkeeping, head to firststepsfinancial.com and hit the “Let’s Talk” button to continue the conversation.
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48 episodes