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The 80/20 Rule for your Business

If you are given a choice to select from two currency notes, first a Rs.100/- note and second a Rs.1000/- note, what will you choose and why ?

All of us would choose Rs.1000/- of course then the Rs.100/- because Rs.1000/- is 10 times of Rs.100/-. Because you have identified which is of bigger/greater value.

Similarly in your Business are you aware who is Rs.1000/- & Rs.100/- customer ?

80 percent of your business comes from 20 percent of your customers.

The 20% customers are your Rs.1000/- notes. Have you identified them? Are you aware of them?

Take a look at your business and see if this applies to you.

If so, think about this for a moment... If you're really getting 80 percent of your business from 20 percent of your customers, then you're getting the remaining 20 percent of your business from 80 percent of your customers.

Why waste so much time, effort and energy trying to serve the 80 percent of your customers that are generating only 20 percent of your business?

With this in mind, let me ask you 3 questions:
• How much time is being spent servicing people that don't buy very much from you?
• How much time is spent answering questions from people who bought from you last year - and aren't a current customer?
• How many people call you, ask lots of questions, take up your time, and then buy from someone else?

When you're wasting your precious time, effort, and resources dealing with these people, you aren't giving yourself the opportunity to find new prospects who could become valued and loyal customers. And you wonder why you're so tired and business is so slow.

Take a look at how much time you are spending calling on, servicing, or answering questions from people who don't do business with you.

Stop Wasting Your Time !

Here are 3 things you can do that will help you eliminate people who keep you busy, waste your time, and never do business with you :-

1. Keep track of everybody you speak and contact.

2. Keep detailed notes of everything that was discussed, how much time they took up, how much they purchased, and how timely they are about paying their bills. (Customers who don't pay their bills are BAD customers.)

3. Schedule regular follow-up calls and meetings so you don't lose track and forget about your good customers.

People who say "Call me in 2 weeks." or "I'm in a meeting and can't talk, call me later." or "Just send me something." are probably blowing you off but don't have the courage - guts - to tell you they aren't interested.

They're more than happy to let you waste your valuable and precious time.

Spend your time serving the 20 percent of your customers that generate 80 percent of your business and let someone else look after everybody else. Now you've more time to find, meet, and sell new customers that have the quality and characteristics of your best customers.

You'll quickly begin to close more sales, make more money, and have more fun. You’ll enjoy collecting Rs.1000/-, so friends it's high time you start identifying it and be aware of it.

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