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Hey everybody Anthony Morrison here and welcome to another episode of the Unlock Success Podcast.
Today we're going to dive deep into a concept that 80% of my listeners have heard, but only 20% have probably ever thought to apply.
Obviously I'm talking about the 80/20 principle that's extremely popular in business and management circles which states – 20% of your output, produces 80% of your results.
This concept dates all the way back to 1906 from an Italian Economist who noticed how 20% of the pea pods in his garden actually produced 80% of the peas.
The more he thought about this concept, the more he began to see it play out in just about every area of life and business.
I actually just did a quick survey over at Morrison Publishing and it's absolutely true:
-20% of our customers produce 80% of our revenue
-20% of our sales team closes 80% of of our sales
-20% of our Ads generate 80% of our profits
And the list goes on.
But here's the funny thing about the 80/20 principle that seems to go unnoticed, everyone loves to talk about it – but nobody seems to know how to apply.
I mean it's great if you know that 80% of your time, resources, and advertising are just spinning wheels, costing time and money, serving no purpose in your business, but when you go to cut those things out it becomes almost impossible.
Why is that? Why is it so hard to trim the fat in our business when we KNOW it's what we need?
Well, I have the answer but you're not going to like, and that's exactly why I need to tell it to you.
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