Follow Bill Linkedin Twitter Facebook
Email Bill Email
Marketing & Sales
Jul 16, 2018

The 80/20 Rule for Smart Business Growth

Sponsored Content provided by Bill Hunter - President & Creative Director, Wilmington Design Company

Things are changing so fast these days, and most of us could agree that technological improvements and the ever-changing demands of consumers within the past decade have made a drastic impact in the way we conduct business today.
 
In order to capitalize on these changes and mirror its growth, business owners need to make sure that they dedicate time to understand the trends and possible impacts for their business.  
 
A simple concept we use to help stay ahead of the curve is the 80/20 rule. Essentially, the 80/20 rule suggests spending 80 percent of the time doing the things necessary to move the needle for your business, and the remaining 20 percent of your time learning, experimenting and growing.
 
It should come as no surprise that two of the world’s most successful and influential business leaders, Warren Buffett and Bill Gates, live and breathe the 80/20 rule, dedicating at least one hour a day to continued education, whether it be reading, research or training.
 
Similarly, Google encourages its employees to spend a significant portion of their work time experimenting with new projects. We, too, at Wilmington Design Co. consider the 80/20 rule to be an integral part of our internal business development, which is why we are constantly testing and experimenting with new strategies.
 
That being said, the 80/20 rule is more of a best practice than an exact science or number to follow. The rule should simply remind businesses to spend a portion of their time and effort considering new opportunities. Perhaps your business’s number is 90/10 or 70/30. Regardless of what makes sense for you, it's crucial to incorporate this best practice in order to stay relevant in today's market.
 
And while shifting your focusing off your best-performing product, service or function of your business for any amount of time seems unsettling, businesses who widen their scope and evolve to become a learning organization reap the rewards.
 
Not sure where to focus 20 percent of your efforts to help your business grow? Consider taking a closer look at these ideas.
 

Business Efficiency

 
Improve business efficiency with communication tools, such as Slack or Skype. Give thought to project management and time tracking software to increase productivity and clearly define your workflow. Document your workflow to provide transparency and consistency for both employees and customers. Become the master of organization by migrating all your important files and data into one cloud-based software program.
 

Educational Training
 

Since learning is the single-best investment you can make of your time, dedicate yourself to continued education. Freshen up on new social media trends and features. Master platforms relative to your industry or take a dive into unchartered waters to study new techniques, regulations, and the actions of your competitors.
 

Marketing Research
 

Digital marketing and consumer attention is ever-evolving, so why not change with it? Take your marketing efforts to the next level and experiment with various online advertising channels, like Google Ads and Gmail Ads. Consider experimenting with social media advertising on Facebook, Pinterest, Instagram, LinkedIn and more.
 
Start a blog page with relevant industry content and push customers there using email marketing. Create a drip campaign that captures consumers and gracefully guides them into your funnel. Consider following various blogs or podcasts to keep up to date with new trends. Do You Convert’s marketing podcast and The Moz Blog are a few we are particularly fond of when it comes to staying ahead of the curve.
 
Simply put, businesses that consistently invest in intellectual capital will see dividends. Remain relevant today and in the future by following the 80/20 rule for smart business growth.  
 
Not sure where to start? Contact us today and we’d be happy to help!

Bill Hunter and the WDC team believe that honest business and innovative design go hand-in-hand. Their talented team of designers, marketers and developers are as diverse as their work. They offer a range of services, including marketing strategy, branding and creative web and application development, as well as digital marketing solutions specific to your business. Contact Bill at [email protected] or visit www.wilmingtondesignco.com.

Other Posts from Bill Hunter

Wdc 300x250 growyourbusiness
Ico insights

INSIGHTS

SPONSORS' CONTENT
Screenshot2022 01 06at338 162234623

Genesis Block Aims to Connect Minority Owned Firms to $2.5 Million in Contracts in 2023

Girard Newkirk - Genesis Block
Web awstaffpic2020 1 132245438

The Luncheon for Literacy: More than a Meal

Alesha Edison Westbrook - Cape Fear Literacy Council
Cfss headshots parker robert webversion 21422121214

23 Reasons to Go Solar in 2023

Robert Parker - Cape Fear Solar Systems

Trending News

Untappd Taps Out Of Downtown Wilmington Office Building

Cece Nunn - Jan 30, 2023

ILM To Chart Future Path In Forthcoming Report

Miriah Hamrick - Jan 30, 2023

In The Current Issue

Local, State Efforts Target Service Sector

Many industries have started to recover from the roiling effect the pandemic had on the labor market, but nearly three years after the first...


Facility Owner Puts His Chips On The Table

With more than 15 years of experience in the wood chip industry, Taner Basaga has maintained key relationships with loggers in the region. “...


New App Hooks Seafood Connections

Landon Hill is the founder and owner of the mobile app that seeks to promote local fishers and make it easier for buyers to find fresh seafo...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2022 Power Breakfast: Wilmington's Most Intriguing People - Spence Broadhurst & Hannah Gage
2022 Power Breakfast: Wilmington's Most Intriguing People - George Taylor
2022 Power Breakfast: Wilmington's Most Intriguing People - Mike Ford
2022 Power Breakfast: Wilmington's Most Intriguing People - Meaghan Dennison
2022 Power Breakfast: Wilmington's Most Intriguing People - Rhonda Bellamy