This is part 2 of our conversation on the 80/20 rule with Tim Francis. If you missed part 1, visit theproductivityshow.com/118, where we covered the 5 levels of 80/20.
In this episode, we talk about how businesses have used the 80/20 rule to create exponential growth. Tim and Thanh take us through real world examples of successful business, and talk about how they are each using the 80/20 rule for their own business.
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Cheat Sheet
- How Thanh has implemented the 80/20 rule to grow Asian Efficiency to where it is today
- Why it’s OK (and even important) to spend a lot of time on the lower levels of 80/20
- Why you can’t cheat the process when trying to grow your business
- The big takeaways Tim received from going to a $10,000 conference with Richard Koch
- The two strategies successful companies use to effectively to grow exponentially
- How to use price simplification in the information business
- How Michael Dell used price simplification to create a “star business” by streamlining distribution methods
- How Apple utilized the proposition simplification approach to become the most valuable company in the world
- How Tim personally used the proposition simplification method to create his business that matches CEOs with executive assistants
- The three questions you must ask to leverage proposition simplification in your own business
- How super successful businesses like Amazon, Uber, and Airbnb managed to utilize BOTH price simplification AND proposition simplification
- The importance of making things easier, more valuable, and more aesthetically pleasing (and how to turn that added value into increased prices for your product or service)
Links
- 5 Ways to Apply the 80/20 Rule To Free Up 2+ Hours A Week (TPS118)
- Tim’s video on the 5 Levels of 80/20
- Profit Factory: About Tim Francis
- Kolbe Test
- Richard Koch
- The 80/20 Principle: The Secret to Achieving More with Less
- 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More
Connect with Tim Francis
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