Concentrate on the most profitable customers or products from "summary" of The 80/20 Principle by Richard Koch
When it comes to maximizing your profits, it is crucial to focus your efforts on the most profitable customers or products. This concept, known as the 80/20 Principle, suggests that a small portion of your customers or products will generate the majority of your profits. By identifying and concentrating on these top performers, you can significantly boost your bottom line. Instead of spreading yourself thin trying to cater to all customers or products equally, it is more effective to hone in on the ones that yield the highest returns. This targeted approach allows you to allocate your resources more efficiently and...
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