Einstein describe compound interest as the greatest force in the universe. 1% a week comes to 14% in 90 days. Spend an hour a day just concentrating on 6 key areas to transform your business. These areas are the 20% of activities that get you 80% of your results.
- Number of leads
- Lead conversion % rate
- Number of times per year each customer buys from you
- The amount they spend each time
- Your fixed and variable costs
- Which will affect your Gross and Net Margins
Put an hour aside in your diary each day. In that hour, ask yourself how you can make 1% weekly improvements in each of the above.
Do each on a separate day. Force yourself to come up with 20 answers each time and then prioritise them.
If you do this consistently you’ll literally double your bottom line profit in 90 days.
The other two things you need to do are identify your perfect target niche customer and innovate what you do so they perceive you to be the specialist or expert in their market.
Follow these 8 steps and you’ll start to market share. This gain is disproportionate. If you’re perceived to be 5% better you’ll probably gain a far greater increase than this in market share. Eventually you reach a tipping point where you start to dominate your market. That’s how the 80/20 principle works.