With everyone looking for ways to maximise productivity, Sheffield-based outsourced sales and marketing, LuCreative believe people need to work smarter, not harder by adopting the 80/20 principle.
In The 80/20 Principle: The Secret to Achieving More by Less, Richard Koch describes this problem and offers a resolution to this problem. 80/20 is a belief of Business. 80% of the total success comes to only 20% of the hard effort. The 80/20 principle is one of the secrets of the highly successful and productive people. LuCreative is a successful marketing agency who are passionate about delivering high-quality results in a competitive market. Taking on the role as an entrepreneurial mentor the firm are always on the lookout or critical principles to boost productivity. A key feature in Managing Director Connor Hodgson’s career was the implementation of the 80/20 rule and this week he took the topic to an on-site workshop, to inspire those looking to boost their success in 2018.
During the workshop Managing Director, Connor Hodgson wanted to highlight the importance of decision making and how to improve personal ability to exceed expectations consciously. Within the firms in office library lies a copy of the Richard Koch bestseller, based on the It was 1897 when Vilfredo Pareto, an Italian economist, was studying wealth and income distribution in 19th Century England. During his studies, he discovered that the majority of land and income was controlled by a minority of the population. In fact, 20% of the population managed 80% of the wealth and income. The book, however, offers an entertaining insight into how businesses and entrepreneurs can benefit from applying the principles to their ventures.
The theory encourages entrepreneurs to analyse where their profit margin comes from and ensure that 20% of business is managed effectively ensuring account managers are exploring all options to sell to the clients.