The Pareto Principle, commonly known as the 80/20 rule, basically implies 80% of results come from 20% of causes. When applied to business, this principle analyzes client and sales data to understand where business owners should invest their time, money, and energy.

In this episode, I delve into the 80/20 rule and how it allows business owners to better define which clients, services, and employees provide the best return on investment.

In this episode, you’ll also hear:

• Identifying high profit customers and services
• Analyzing employee and task productivity
• Knowing where your sales come from

Must-listen moments:

[00:03:20] What you're looking for is to find out and isolate those services that are making you the most money and make sure everything is focused on it.

[00:05:44] By applying the 80/20 rule, we can maximize the productivity and efficiency by concentrating efforts on the activities that yield the greatest results and contribute most significantly to the success of the business.

[00:09:40] Sometimes that's the biggest problem. We don't realize that we're spending so much of our time and energy. and money on things that don't have a high return for us.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services

For any business to be profitable, services must be priced appropriately. Business owners need to regularly set profit margin goals and adjust pricing accordingly.

In this episode, I break down cost-based and value-based pricing, and tips for competitive prices that keep clients happy and revenue goals on target.

In this episode, you’ll also hear:

• Covering costs and profit margin
• Advantages of value-based pricing
• When to change your pricing strategy

Must-listen moments:

[00:00:38] We think if we do more sales, we'll be profitable. But if you haven't priced your services correctly, no amount of sales is going to make you profitable.

[00:06:26] Your knowledge comes from years and years of experience and should not be set at an hourly rate. That doesn't cover all the education, all the training you've done, but value-based pricing would cover that.

[00:08:49] The right pricing strategy is clearly based on industry, your target market, and unique value proposition that your services bring.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Credit:

Audio/video editing and show notes by Podcast Abundance. Find out how they can help you too by visiting www.podcastabundance.com/services

Just like we visit the doctor and dentist for regular check-ups, business owners must routinely review expenses and decide when cuts are necessary. Monitoring the financial health of your business is key to its long-term success.

In this episode, I outline effective ways to decrease expenses, increase efficiency, and preserve customer satisfaction without compromising the value of your goods and services.

In this episode, you’ll also hear:

• Eliminating unnecessary expenses and streamlining productivity
• Suggestions for taking your company lean
• Cutting costs while maintaining quality

Must-listen moments:

[00:01:35] You need to identify areas where you can reduce your expenses without compromising quality.

[00:05:31] Engage in your customer base to understand what their priorities are and what they have as expectations of you.

[00:07:02] It's not really just about saving money, it's optimizing the resources that you have and ensuring long term sustainability and success.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

Podcast audio/video editing and show notes by http://www.podcastabundance.com/services