It’s one thing to run a business and it’s another to grow your business. The difference between the two is the use of the Pareto Principle, better known as the 80-20 rule. According to this principle, 80 percent of your results will come from only 20 percent of your efforts.
Since the aim of every business is to increase profits, a person who runs a business focuses on marketing and sales. Meanwhile, someone who grows a business will also focus on marketing and sales—but they will also apply the Pareto Principle to overheads. He or she will try to isolate the 20 percent of B2B services that increase 80 percent of the business’ performance. In short, they are focused on trying to save money on business expenses and focused on trying to get more for their money because they aspire to have a more efficient business.
Here are 3 ideas on what you can do to boost your business results:
1. Get blazing fast Internet speed
Regardless of whether you run a completely virtual business or a brick-and-mortar business with a website presence, your business will benefit from faster Internet speeds. Ask yourself, “What internet providers in my area can increase the efficiency of all my devices and significantly enhance my upload and downloads speeds without overloading my devices?”
So, why is this important for your business?
For one thing, you will do all your work faster and more efficiently, which will enhance your bottom line. You won’t, for example, have to deal with all the frustrations of waiting for a website to load up on your screen; or, the angst of watching a file or app that you want to download, take its own sweet time.
For another, you can access business-critical information faster. Think about it: Never in the history of the world has so much information been available for so many people…so if you’re not good at researching your business issues online, then you’re missing out on invaluable information that can boost your business success.
2. Migrate to the cloud
If you are investing in servers and are slowly building your on-premise business network, you are wasting your time and money. By investing in the services of a cloud provider, you will get access to superior hardware and software.
Here, for example, are just 4 of the benefits of migrating your business to the cloud.
- You will slash your IT costs, from the people you hire to help you manage your computer system to the hardware and software you buy. The cloud provider will take care of managing and maintaining all the stuff that you’ve been doing yourself or paying to get done.
- You will be able to increase the bandwidth you need after your product launch results in a stream of traffic to your website and decrease the bandwidth when business is slower.
- You will be able to survive a catastrophe to your on-premise business computer systems. If your hardware or software on your computer is destroyed due to fire, flood, malware, or some other catastrophe, all your data will be safely stored in the cloud. You won’t lose your business when your equipment is destroyed or malfunctions.
- You will be able to work from anywhere. If all your software and files are on your office computers, you can only work effectively when you’re in the office. Even if you have loaded everything up on your laptop so that you can work outside the office, you are still limited in some ways. By using the cloud, you can access your data from anywhere in the world and from any device.
3. Find a business mentor
While there is much to be said for self-education on business topics, it takes considerable time figuring out what to study and then finding the time to do it. With a seasoned business mentor, you will be able to cut to the chase. You will be directed to what sources of information to study, what shortcuts work for your business processes, and what to do when things go wrong.
Managing your business with the help of a mentor is rather like climbing Mount Everest with the help of a Sherpa guide. Without one, you will probably wander off-course, miss out on mission-critical information, and not get to the top. Since your business success depends on what you know, the faster you can learn, the more you will earn.
Use these 3 tips to grow your business faster. They will help you win in business because they are simple to put to use and highly practical.