Great Secret of Business That work wonders
Great Minds, I am here to give the very great secret that work wonders in business or any other endeavours of life. Once you discover and apply it to your business you are bind to make the needed profit.
In every organisation, what is most priority is to maximize profit and minimize loss as much as possible. To achieve this, there are actions you must take and actions you must jettison. Those that drain the business and increase loss are the ones you must do away with while the ones that help you to increase profit are the ones you must devote your time and effort to. These actions that help to maximize profits are called the VITAL FEW.
THE VITAL FEW
The vital few principle is present in our everyday life. In the case of business, it is the vital few CUSTOMERS.
You see, some customers are vital, Most are not. Some effort you put to sales are wonderfully productive. Most are not, in fact most are efficient and will lose your money.
The secret is channel marketing and sales effort where you can offer a minority of potential customers something that is unique, better, or much better value than they can obtain elsewhere, provided that you can make higher profits in the process. Any successful Business draws its success from this simple and simplifying principle.
Reference: The 80/20 Principle by Richard Koch
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