Guest Post by: Tumi Frazier, founder of Tumi Frazier International
Many of us entrepreneurs get caught up in projects and opportunities that seem good but do not necessarily yield great rewards. Many opportunities will come your way but how do you know which opportunities are the best ones to focus on?
Have you ever imagined what you could accomplish in your business if you learnt to just say ‘No’ to what seems good? Saying no sometimes enables you to focus on your priorities.
The 80/20 Principle - In order to attain 80% effectiveness for 20% effort, you need to learn to focus your energy, time and resources on opportunities, people and projects that give you a high return on efforts you invest.
Remember that business does not always equate to productivity or great return. So, if the return is not greater than the investment, then the endeavor is not worth your time.
When 20% equals 80% - this is Pareto Principle named after the nineteenth century economist who discovered that 80% of an enterprise’s revenue comes from 20% of its customers. So, before you take on any opportunity, ask yourself: Does this enable me to further the mission of my company?
Instead of chasing tenders and attending unnecessary meetings with clients that you know are not committed to partnering with your business, why not pay more attention to the existing 20% of your clients / customers; or start a new income stream?
You need to have a clear plan and actions that determine every step or stage leading to your business growth. So, whatever your next step is, make it your priority.
Tumi Frazier is a South African entrepreneur, professional speaker, author, TV personality, consultant, and founder of Tumi Frazier International, Tumi Leadership Academy, and Tumi Foundation. Tumi is an internationally acclaimed Leadership and Change Management expert who has worked with high profile clients and organizations across Africa, United States and Europe. Tumi has authored 4 books: Courageous Stories of Inspiration; In the Midst of the Storm; Stepping Stones to Success; and Your Moment. Follow Tumi Twitter | LinkedIn
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