
Want free veterinary info & resources?
Join our Pack & keep up with ALL the best veterinary stuff in our weekly eNews
*Unsubscribe anytime!!
If you work in a veterinary practice or in the pet industry or in a business that supplies goods or services to the industry and you have something to say - why not become a 'Guest Blogger'?
For more information click here to read our: Guidelines for Guest Bloggers
Do you want the secret to simplifying your life and achieving more of the stuff you like to do?
Then learn to see life wearing 80/20 glasses.
For some reason, the world seems to exist around the 80/20 principle (Pareto’s principle)
Here are some examples:
80% of your fitness comes from 20% of the exercise you do.
You spend 80% of your time in only 20% of your house.
20% of the emails you respond to will give you 80% of your results.
You spend 80% of your time with 20% of your friends.
80% of your income comes from 20% of your clients.
In a room of people, 20% of them will have 80% of the wealth.
In a room of people, 20% of them will own 80% of the total shoes owned (we tested this recently at a seminar).
I’m sure that you get my drift. But in relation to your business, it goes deeper.
What I’m saying is that in your database, there is a small group of people who have the ability and desire to spend VASTLY greater sums of money with you.
Here are some recent figures from a client’s practise and I’ve included his comments because he has summed it up beautifully.
“Here are our numbers for the 12 months to date – top 20% produced 73% of turnover, top 3.2% produced 43% of turnover (a lot of these are my production consultancy clients).
What an eye-opener!!!!!
So now I am spending a lot of time thinking about strategies to add value to this client group specifically rather than thinking about my client database as a whole. And I have already come up with a number of things we can do to achieve this end.
The challenge is to discover a way to offer products/services / advice / VALUE to your top 20% that is worth multiples of what you currently offer. I think that is your challenge – to discover what it is they want from you and value enough to spend more than they currently do.
I don’t think this means you charge more for what you currently do – if you want them to spend multiples of their current spending with you, you need to offer things to them that are worth multiples of what you currently offer.”
I have a couple of challenges that will really improve your life.
Chances are you are not, so your challenge is to stop doing these things or get someone else to do them for you. That will free your time up.
These are the clients who have a vast ability to spend more money with you. Ask yourself – “What other services or opportunities can you offer them that they would value?”
I’ll give you an example to help out.
At a recent event I was running, I asked everyone to stand up if they owned a pair of shoes.
The whole room stood up.
Then I said, “Sit down if you have 10 pairs or less”. About ½ of the room sat down.
Then, “Sit down if you have 20 pairs or less.” About 80% of the room sits down.
We kept going until we got to about 70 pairs and there were still 2 people standing out of 120 people.
Your job is to identify who these people are in your business and find other “shoes” to offer them.
Once you start thinking about how 80/20 applies to EVERYTHING, you will become aware of the power of leverage.
Stick to the 20%.
It’ll free up your life.
Zoetis supporting the mental health of veterinarians, practice staff and nurses, as they work with their communities. Zoetis, the leading animal health business, has reached its goal of raising $100,000 for the Beyond Blue Support Service to support mental health...