Chris Volpe, training department manager and business management expert, sits down with Cody Owen and Bear Duplisea to talk about the Pareto Principle, a business proverb based on ratios. We learn that it's definitively not an Italian cheese.
This is an episode for anyone wanting to learn where the problems in their business come from AND how to reduce the overall number of headaches they have to deal with as a business owner. You'll always have problem employees, clients, and jobs but you can learn how to get rid of the worst and live with the rest.
Simple Steps, Complex Concepts
Chris breaks down the Pareto Principle for us and applies it to the service industry; that's what The Profit Roadmap is all about. We take a nebulous, abstract topic and bring it all the way home with ways that you can use it this week. Go look for that 20% of clients that produce 80% of your revenue and give them the rockstar treatment they deserve. Find the 20% of clients that cause 80% of your problems and raise their rates or send them packing. Identify problem employees and reduce your overall complaint rate.
Things You Heard About This Week:
The book that Volpe recommended on the show was: The 80/20 Principle by Richard Koch. It's a solid, deep-dive in the topics this episode discussed. Get it when you're ready to be as much of a business nerd as Chris Volpe.
Additionally, this episode was fueled (but not officially sponsored by) Eiland Coffee Roasters, a local Dallas company. They make great coffee and have a great relationship with Service Autopilot, we drink a lot of what they roast.
What's Coming Next on The Profit Roadmap?
Cody and Bear have some excellent episodes headed for your ears:
- Patrick Hoffman, writer on this blog and digital marketing wonk
- David Martinez, import specialist and valuable addition to company culture.
- Patrick's return! Our first return guest on TPR.
As always, a review on iTunes or Google Play would really help other people find the show. If we said something that helped you out (or you learned something), give us a review and let other people know what you liked!
"Summon the Rawk" by Kevin MacLeod (incompetech.com)