In Business
The distribution is claimed to appear in several different aspects relevant to entrepreneurs and business managers. For example:
- 80% of your profits come from 20% of your customers
- 80% of your complaints come from 20% of your customers
- 80% of your profits come from 20% of the time you spend
- 80% of your sales come from 20% of your products
- 80% of your sales are made by 20% of your sales staff
Therefore, many businesses have an easy access to dramatic improvements in profitability by focusing on the most effective areas and eliminating, ignoring, automating, delegating or retraining the rest, as appropriate.
Read more about this topic: Pareto Principle
Famous quotes containing the word business:
“I deny the lawfulness of telling a lie to a sick man for fear of alarming him. You have no business with consequences; you are to tell the truth.”
—Samuel Johnson (1709–1784)
“A grocer is attracted to his business by a magnetic force as great as the repulsion which renders it odious to artists.”
—Honoré De Balzac (1799–1850)