80/20 Rule Goes Beyond Business!

Do you remember the old 80/20 Rule? In business it refers to 20% of your customers who provide 80% of your income. The same principle exists in life. Why is it that when I open up my closet doors I have five yards of clothes to choose from but I always wear the same articles? 80% of my clothes I never wear!

This morning I went to my cupboard full of mugs and sought out one of three that I prefer to drink from: My Branson Mug, World’s Greatest Dad Mug, and my Dog mug. Why just those three? I have 12 to choose from! The 80/20 Rule refers to vendors in your business too. We work with multiple vendors, but there are about 20% that we use on a continual basis.

These vendors we call Process Partners. Process Partners, I have found to be the speed of business. When a Process Partner is embraced by the company they do business with wonderful things begin to happen. They know the vision and direction and they know the part they play in helping you achieve your goals. They can then offer advice and take on more of a consulting role within their area of expertise.

Companies who understand how to recognize and appreciate these key vendors find they work harder, are fully engaged and make the company more money. The money you can save on payroll alone pays for these key partners. Some Process Partners we have are in the areas of payroll, public relations, accounting, banking, and production–just to name a few. Many carry our business card and represent themselves on Prophit Marketing’s behalf.

The power of the Process Partner…embrace them and grow!

Joe Kiedinger

ACTION PLAN: Establish your key vendors, bring them in, share your vision and ask their input. They will leave respected, appreciated and motivated.