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.
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