Brian Winch | November 22, 2016
The most successful business people focus on the tasks that utilize their time and money the most effectively. One of the most important business development principles that you can apply to your home business is the 80/20 rule – also known as the Pareto Principle. It states you must invest 80% of your time into the 20% of your clients who are generating 80% of your business. Following this principle will enable you to generate additional untapped business from your best clients, competitor-proof them and also attract superior client referrals.
Most home business entrepreneurs aren’t very deliberate in terms of how they generate referrals. You need to identify the qualities your ideal client should encompass. There’s a simple way to execute this; position yourself as a specialist who works with high quality clients, rather than a “jack-of-all-trades/master-of-none”, who will work with just about anyone. Your ideal client doesn’t focus on what you cost but instead values what you’re worth to them. They’re loyal, and appreciate your relationship. They speak highly of you in their circles – other high quality potential clients.
Use the Pareto Principle to develop your own client base. Duncan MacPherson provides more details in this article from Home Business magazine.
A more professional consultative approach, focusing more on mutual fit rather than simply making a sale, is far more attractive especially to potential high caliber clients. Keep in mind, top business professionals don’t chase clients, they attract them! Read more…