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:
“In business be as able as you can, but do not be cunning; cunning is the dark sanctuary of incapacity.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“Most of the trouble in this world has been caused by folks who can’t mind their own business, because they have no business of their own to mind, any more than a smallpox virus has.”
—William Burroughs (b. 1914)