Business Theory

Seek Dissent, Not Consensus

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We spend a lot of time and energy trying to create consensus…with customers, employees, partners, etc.  But consensus does not always create the best decisions.  In fact, sometimes it results in big mistakes. The most successful managers actively seek out dissent.  They realize that people often withhold unpopular viewpoints, and that decisions will be better …

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Pricing Basics (Don’t Stab in the Dark)

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Do you ever feel that setting prices is like stabbing in the dark?  It shouldn’t be.  There’s an art and a science to price setting that, when followed, will immediately increase your profit. This is why, when I’m starting with a new client, we often start by revamping their pricing.  Done right, it’s instant profit …

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How to Make Discounts More Profitable

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“Looking for a jump in business?  Have a sale!”  “Want them to buy?  Offer a discount!” That’s the conventional wisdom, and indeed it works…but at the expense of profit!  Nonetheless, so many businesses I work with find themselves slaves to discounts in order to keep the sales coming.  Discounts, discounts, and more discounts. It doesn’t …

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Create Your Annual Growth Strategy in 20 Minutes

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Want this year to be a lot better than the last? Not sure where to focus to maximize growth? For most of us, our head is spinning with tons of ideas, and our to list is full of issues to address. It’s hard to get perspective on the big picture. The quickest and most powerful …

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Are Your Customers Happy Enough?

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Most of your customers like buying from you.  Some LOVE you.  And some…well you can’t please them all. But are your customers happy ENOUGH?  Have they been getting happier over time?  Or could your product or service quality be slipping a bit?  How do you know for sure? Fortunately, there’s one simple way to know …

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Applying the 80/20 Rule to Be More Efficient

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Most of us have heard of the “80/20 Rule,” but how many of us have taken time to apply its lessons to our business?

The 80/20 Rule, in its most general form, says that 80% of you outcomes come from 20% of your inputs.  It was invented by the 19th century Italian economist Vilfredo Pareto, who observed that 80% of Italy’s land was owned by 20% of its people.

In business, this has many applications.  Which might be true for your business?

  • 80% of your profit comes from 20% of your customers.
  • 80% of your sales come from 20% of your product assortment.
  • 80% of your complaints come from 20% of your customers.
  • 80% of failures come from 20% of defects.

    Pareto Chart Graphic
    A Pareto Chart helps you prioritize by highlighting the critical issues.
  • ….

OK so what?  Here’s how you use this knowledge to improve your business results.

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