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Post by chelsearickett on Apr 30, 2014 16:50:21 GMT -6
The 20/80 rule is important because 20% of your products account for 80% of your profit. Also, you can look at the 80/20 rule when it comes to what takes up the most of your time. It's important to realize who is more expensive to keep than to fire. Be honest with the media. Choose the most effective media and stick with that one and make a lot of "noise". There are low maintenance, high profit customers, and high maintenance, low profit customers, and you shouldn't really try to appeal to both of those groups.
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Post by dnewson on Apr 30, 2014 20:03:18 GMT -6
This video provided a lot of valid aspects that need to be considered in both a small or large business. It is important to determine what products are benefiting your company versus others that are not. Many companies today outsource areas of their business that may not be profitable but services are needed. I also like the point that was made for an employee to determine if they are a providing a positive benefit to there company or perhaps a loss. These are definitely areas that all businesses must review.
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Post by wwerner on May 1, 2014 10:12:58 GMT -6
Being yourself and not changing or mind is what i took away from this video. Even if someone doesn't agree with your thoughts, they will respect you more for standing up for what you believe in. I have heard of the 20% 80% rule before so this was not new to me.
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Post by codylejeune on May 1, 2014 22:15:11 GMT -6
The part that caught me was when he talked about brands. Every company is known by brands and so is every person. We are branded everyday by our actions, which shows that you should always watch what you do, because if one person catches you doing something wrong your reputation (brand) is hurt.
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Post by robertnicholson on May 2, 2014 12:30:38 GMT -6
If you haven't had some form of education in business what this guy is saying probably sounds like Chinese. Unless you do speak Chinese, then it probably sounds like Portuguesse. In English he is saying to analyze your operations. See if what is contributing to your success and what is just useless task that take too much time.
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Post by racheleperes on May 2, 2014 13:10:12 GMT -6
The thing that caught my attention in the video was his method on how to raise profits. Many employers think that the best way to raise profits is to fire a sub-par employee and then hire someone new who will be a better fit for the company. It is actually much more expensive to do that. When you fire someone, you have expenses that you have to take care. And then when you hire someone new, you have training cost, as well as other expenses.
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Post by allisonschex on May 2, 2014 13:33:39 GMT -6
I really enjoyed this video. I completely agree that a brand is important and that it's what people associate others with. We all have our own brand that we have made for ourselves by the way we dress, act, who we associate with and so on. These things can tell a lot about who a person is.
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Post by mwinner123 on May 2, 2014 16:51:25 GMT -6
I like his use of the 80/20 rule in the video. Creating a good measurement of your efficiency and effectiveness in your business is critical to your company's success. By focusing on the aspects of your business that promote the most profits and perfecting them, you can maintain a stronger sense of sustainability throughout your workplace, even if one of the smaller profit areas fails in the process. The idea is to maintain 100% sustainability and efficiency within your business, but sadly, this will never happen. By keeping focus on the areas that are most critical to your company, you can have a much larger comfort that your business will be sustainable for the years to come.
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Post by Jessica Aucoin on May 3, 2014 19:27:28 GMT -6
In all honesty, I had a lot of trouble following this video. I think the biggest point I took out of it though was about defining a brand. Many businesses need to know what the outside world associates with their name in order to market themselves off better. I find that a lot of companies just try and market their products off to everyone which will just waste a fair chunk of time and resources. It’s important to know your business’s brand so that you will know your target market. By knowing this, you can advertise specifically to your target market and effectively use the 80/20 rule.
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Post by kourtneyb on May 5, 2014 10:32:30 GMT -6
The 80/20 rule is something that we discuss a lot in regards to customers and target groups. This is the first time I have heard it regarding the administrative side of business; however it makes sense why it would work the same way. It is important to understand this because you want to make the most of your time and it is important to realize where the time will better be spent and if that area will lead to a higher return for the company.
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Post by darnette on May 5, 2014 20:40:16 GMT -6
Having is a brand is the name that people associate you with. You want to be set apart from other brands and be clearly stated to the public, as far as what it is you do.
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Post by jsherman on May 5, 2014 21:24:40 GMT -6
Ideally, a four hour work week would be wonderful. I love his concept as well because it works. Don't try to sugarcoat things because no matter what you try and say their will always be those that agree and those that disagree. Once you become talked about and a hot commodity then everyone starts to wonder about you whether they love you or dislike you. These two will often have a similarity that is to be noticed. Products which bring in the most money also typically require the least amount of effort. If someone spends too much time with product and not enough helping customers then the customers might not feel that there appreciated. Great video and may consider reading the book!
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Post by ashleysegalla on May 6, 2014 18:15:42 GMT -6
Businesses should recognize which products are creating a lot of profit. There are also a lot of activities that create little profit. These should be eliminated. There are a few ways to cut costs. You can look at profit instead of revenue. Find ways to document performance in order to improve your output over time. People should be honest with their coworkers as they are as friends. They should not go out of their way to not offend people. A brand is what people associate you with. To do that, you should have a narrow target.
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Post by jjohnson on May 7, 2014 8:31:39 GMT -6
I like this video; it has some good points. It is definitely a good idea to look at what is making you money and what is costing you the most time. If there is a project that requires a large amount of time and focus then you should look for ways to make it more efficient; I would also want to get other people’s opinions on how to solve these problems. Whatever is bringing in the most money should always be maintained; make sure everything is running the way that it should be running.
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Post by jimmykotter on May 7, 2014 17:51:36 GMT -6
very cool i liked the first point where he brings the idea that there will always be something that is very high effort but low profit which can be outsourced or eliminated. also we need to be able to focus on what activities are high profit and low maintenance those are the ones that are most beneficial.
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