Welcome
My services
Meet The Secretary Bird
Articles
Contact Me
I recommend

 

Your online

virtual assistant

 

 

Transcriptionist

Ebook Design

Typing

Online Research

Graphic Design

Secretarial Services

 

 

"Let the 80/20 Principle Pay Off for You"
by Ali Brown


 


It pays to play to your strengths. But how do you pinpoint the areas that will increase revenue and earn you more money? Simple: by following the Pareto Principle. Developed by Italian economist and sociologist Vilfredo Pareto, this short, simple rule states that 80% of our results come from 20% of our activity.

You may have heard that we wear 20% off of our clothes 80% of the time, and the same 80/20 rule applies to business. For instance, 80% of your sales come from 20% of your customers. Conversely, 80% of your complaints come from 20% of your customers and 80% of the profits made in your industry come from 20% of the companies. The exact percentages may vary, perhaps 75% and 25% instead of 80% and 20%, but the concept remains the same.

By identifying customers and areas that are most valuable to you and your business, you can boost your bottom line without working longer or harder. In fact, you'll be working smarter. At the same time as you're finding your most profitable areas, you also need to think about those customers or products that are not performing well and may actually be dragging down you and your business.

For instance, if you own a secondhand music store, you probably have some inventory that is flying off the shelves and other products that just aren't selling, no matter how low you price them. By dividing your products in categories (perhaps by music genre), you could see which items your customers are buying and which ones you should stop carrying. By matching your products to customer demand, you'll be able to turn over inventory more quickly and make more money, all without adding more square footage or spending more money on advertising.

Here are some areas to consider in your own business:

*Employees - Who is your rock star salesperson and what you can you do to help them achieve even better results? Also, who is underperforming and might they be better suited to other tasks? Both are important considerations.

*Customers Calculate how much revenue you're getting from each customer and subtract the cost of administrative time or other costs to maintain that relationship. Once you've figured out which customers are in your top 20%, you can make some strategic decisions about how to better meet their needs.

*Markets - If you sell products to different markets, evaluate these markets with the same principle you used for evaluating your customers. The markets that are earning you the most money should become obvious, so you can start examining the direction in which the company is headed.

Once you've identified areas that aren't paying off, you have to be ruthless and kick them to the curb. Your business cannot flourish if you're spending valuable time and resources on customers or products that are unprofitable. Once you make the strategic decision to cull wasted space and focus on areas that earn more money, you'll have a much better chance of surviving, and even flourishing, in a competitive business environment.

© 2009 Ali International, LLC

Self-made multimillionaire entrepreneur Ali Brown is devoted to creating financial freedom for women globally through the power of entrepreneurship. To learn how to create wealth and live an extraordinary life now, register for her free weekly articles at
www.AliBrown.com

 

15 Tips That Will Help You Become a Networking Success

 
By Michele PW

 
Whatever kind of writing you do, knowing how to successfully network and meet people is critical to your success. You can leverage networking opportunities to increase readership of your books (people love to know authors and to tell people they personally know the author of the book they're reading) get clients for a coaching or copywriting business, or line up speaking opportunities.

 
As writers, though, it's sometimes difficult to drag ourselves out from behind the computer and actually interact with the human race. Here are fifteen tips to get you started.

 
1. Always have your business cards available for exchanging.

 
2. Hone your 30-second commercial.

 The point of your 30-second commercial is to intrigue your "audience" enough to ask a few more questions and hopefully hire you for a project. Practice it, but try not to let it sound too rehearsed as well. It should roll smoothly and conversationally off your tongue.

Before you try it in for real, give it a whirl in front of a few friends or family members and see how they respond to it.

 
3. Be an active listener when talking with people.

 
4. Don't eat or drink until you are finished networking, so you can keep your hands free to shake hands and to exchange cards.

 

5. Always follow up a meeting with a thank you note.

 

6. Write down new contacts in your address book immediately after receiving them.

 
7. Make a brief list of potential new contacts and don't forget to get in touch with them.

 
8. After you meet someone, jot down a few words on his or her business card that reminds you of that person.

 

9. Talk about YOU, not just your company.

 
10. Dress for the event.
 
11. Wear your nametag on your right lapel.

 
12. Plan your exit line in advance. Your goal at these events is to meet as many people as possible. You don't want to get stuck in a long conversation with someone. So make sure you know how to gracefully exit the conversation.

  
Basically, when you first meet someone, you have 30 seconds to explain concisely and persuasively what you do for a living. Make it both clear and compelling. Plus you should explain how your products and services can benefit customers - don't just rattle off a list of features. (Features sound more like descriptions of products and services, whereas benefits talk about what problems the product or service will solve for the customer.)


13. Read body language. Look at how people are interacting. Are they completely involved with their conversations or do are they look open to meeting someone new? The better you become at reading people, the easier it will get approaching them.

 
14. Set a goal of how many new people you want to meet at the event. If you're shy, aim for one person. As this gets easier, set higher goals.
 
15. If you do meet someone who could be a potential client, ask them what challenges them the most about their business or personal life. For instance, if you're a copywriter, ask them what copywriting or marketing problem would they most like solved. If you write books on organizing time, then ask what organizational problem they would most like solved. This can even work with fiction - ask them what they feel is most lacking in films or books nowadays.

Listen to the answer. Then respond by explaining what you do could help make their problem go away.

 
A special thank you to Katie Baird, Loose Ends, for allowing me to use these tips. She collected them from a number of sources.
 
ABOUT THE AUTHOR: Michele PW (Michele Pariza Wacek) owns Creative Concepts and Copywriting LLC, a copywriting, marketing communications and creativity agency. She helps people become more successful at attracting new clients, selling products and services and boosting business. To find out how she can help you take your business to the next level, visit her site at
http://www.writingusa.com. Copyright 2006 Michele Pariza Wacek."

 Email: info@secretarybird.net

The Secretary Bird.

 

Back to the top of the page