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The Pareto Principle or the 80/20 Rule
What this basically says is that 80% of your income is coming from just 20% of your clients.
So how do you apply this to your business model? Pretty simply. You need to recognize who those 20% are. You then need to prioritize them. Nurture them. Make them feel like they are your only clients.
Now, common sense would state that you should now ignore the other 80%. Of course not. But you do need to consider where they fall in your list of priorities. Do they demand too much of your time? Are you going to lose one of your 20% clients in order to keep this 80% client happy?
Sometimes, you do have to let clients go at your choosing. If they are too “high maintenance” they can lead you down a path of serving them as the squeaky wheel while your competitors are stealing your “cash cow” or top 20% clients while you’re sleeping on them.
Keep this principle in the back of your mind at all times. Think about each of your clients and where they fit. And nurture the people keeping you in business.
I hope this message finds you well. Kenny