Pareto principle (What is the Pareto principle in business?)

Pareto principle (What is the Pareto principle in business?)

The Pareto principle can be used in business to target specific sets of data. The starting point is to analyse your business numbers using the Pareto principle.

Once you have the analysed data and where the 80/20 rule applies to the set of data, you’ll be able to make better decisions. For example, have you ever analysed your business revenues? What percentage of your sales comes from which percentage of your customers?