Pareto's Principle - Business concept of the day
Business Development
326 week ago — 1 min read
Definition: The Pareto Principle (also known as the 80/20 rule) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Example: 80% of the company’s revenue came from 20% of its most vital clients. The new entrepreneur was witnessing Pareto’s Principle in action.
Business insight: Understanding the application of Pareto’s Principle can be the key to allocation of resources that help grow revenue and channel efforts in the right direction.
Posted by
GlobalLinker StaffWe are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
Network with SMEs mentioned in this article
View GlobalLinker 's profile
SME Inspirations
Most read this week
Trending
Ecommerce 4 days ago
Comments (2)
Please login or Register to join the discussion