If your business feels stuck, the 80/20 principle might be the key to transformation. By identifying the 20% of your inputs (clients, products, or tasks) that generate 80% of your results, you can realign your focus and resources to achieve sustainable growth.
Transitioning from running a business where you are typically involved in every decision, to owning a company where you are steering your company through scale up, is a pivotal time for every CEO.
The steps to achieve the business goal are now in place, reaching that goal now becomes inevitable because there are enough of the right people doing the right things to get there.
One of the key traits of an entrepreneur is supposed to be that they’re really single minded and driven. So there’s a paradox between listening and taking advice and being single minded and taking action.
Growing your business with the right people can be a challenge, especially for early stage and high growth businesses. For many, finding the right people often starts with a wish list of characteristics, behaviours, skills and experience before soon realising that they just can’t afford their ideal candidate.
There are two distinct principles here, one is a ‘problem market fit’ and one is a ‘product market fit’. The first year of every start-up is, or should be, focussed on ‘problem market fit’, which means that you ask the question does your market care about the problem you’re solving?
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