How To Drastically Grow Your Business
By Craig Foust, LPC
We all want our business to be successful but we may not be doing the things that make our business successful. There is a principle that was thought up by Vilfredo Pareto that you need to know about. The Pareto Principle states that 80% of the effect or result is due to 20% of the cause. Allow me to simplify this. In other words, 80% of your business is caused by 20% of your effort or work. This has also been dubbed the 80/20 rule.
Why is this rule so important and how will it drastically grow your business? Well, this principle has been found to be true in most businesses including ours. As business owners we can spend our time doing things that do not lend to our strengths. Website design, accounting, and creative design are just a few things I personally know I would be better off paying someone else to do, so I have more time to see clients or attract new clients.
Just a numbers example. I spent 4-5 hours trying to fix a problem on my website that would have cost me less than 120 to pay my website person to fix. In that 4-5 hours, I was not seeing clients so it was easy for me to justify. However, that was 4-5 hours I could have been networking or podcasting, which would have resulted in me getting clients. That 4-5 hours I spend actually cost me money in the future of my business.
This is more than me encouraging you to outsource aspects of your business that do not make you money. This is me inviting you to take the opportunity to see what you do in your business that leads to is being successful. What are 2-3 things you do that earn you money. For me, my networking, podcast, and how I answer the phone are the biggest things that earn my new clients. So, those are things I prioritize and outsource other things.
This goes for more than your business. What is it you do in your free time that helps you feel invigorated enough to provide good client care? For me, it is reading and listening to podcasts. When I do those two things in my free time, it makes my productivity at work increase. I know if I work out, I am more productive. So you can use the 80/20 rule for more than your business.
Consider what 2-3 things you do in your business leads to the most income. One of those things is probably seeing clients. For all of us, that is one of the ways we make money. What are the other 1-2 things besides that part that lead to you seeing more clients or lead to you generating more income. Maybe you have a great blog, authentic Facebook presence, natural networker, or provide wonderful trainings.
If you can pick out what makes you the most money, try to set aside more time to promoting those parts of your business and find ways to reduce the other business tasks that get in the way. I hope you found this helpful. Right now, there are clients out there looking for you and need your help. If you are spending your time on less important business tasks because you do not want to outsource them, then you may not have time to help that client. You owe it to them and yourself to focus more on what works in your business!