When we compare one business against another it’s often done with a specific question in mind. The average Net Profit. Percentage of staff turnover. Number of hours worked by the Principal Owner. Data and facts are readily available in various forms or another for small to medium sized businesses. There are major suppliers such as the ATO’s Small Business Benchmark
Now we know the 80/20 rule is occurring in many parts of our lives, how can we best use it to our best advantage in business? A prime area of business is customer and client management. Remember when we said that 80% of sales comes from 20% of customers? We can use this to begin categorising our customers with “top”
We’ve heard it many times over. 80 percent of business comes from 20 percent of customers. Where did it come from? The short answer is Italy. It’s not just the land of vespas, pizzerias and jeans (coincidentally these were also invented in Italy). It originated from Vilfredo Pareto back in 1896 when he wrote his paper “Cours d’économie politique” or
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