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:
“For a Jewish Puritan of the middle class, the novel is serious, the novel is work, the novel is conscientious application—why, the novel is practically the retail business all over again.”
—Howard Nemerov (1920–1991)
“There is something in this native land business and you cannot get away from it, in peace time you do not seem to notice it much particularly when you live in foreign parts but when there is a war and you are all alone and completely cut off from knowing about your country well then there it is, your native land is your native land, it certainly is.”
—Gertrude Stein (1874–1946)