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    Girls That Startup: How to Use the 80-20 Rule in Your Business

    enSeptember 20, 2023

    Podcast Summary

    • Revolutionizing portfolio management with SharesightSharesight offers a comprehensive investment dashboard, tracking 500,000+ stocks, ETFs, and funds, integrating with 200+ platforms, and simplifying tax reporting. Try it for free with a special offer.

      Sharesight, a new investment dashboard, is revolutionizing the way investors manage and track their portfolios. With support for over 500,000 stocks, ETFs, and funds, and integration with more than 200 platforms, Sharesight offers a comprehensive view of financial performance, including analyzed reports, dividend gains, and currency fluctuations. The platform also enables users to streamline tax reporting and share their portfolio with others. Additionally, Sharesight is offering a special deal for four months free when purchasing an annual premium plan. Sim, a multi-million dollar business owner, shared her experience of giving back by conducting an investing workshop at a high school in South Auckland. The importance of financial literacy, especially at a young age, was emphasized. While updating terminology and references for a younger audience proved challenging, the experience was rewarding for Sim. She also highlighted the impact of Raven Simmons' inspiring speech and the importance of introducing students to original sources of inspiration. Overall, the discussion emphasized the significance of financial education and the transformative potential of innovative tools like Sharesight.

    • Identifying key factors contributing to 80% of resultsFocusing on the 20% of efforts or causes that yield 80% of results can help businesses increase output with less work and improve efficiency and profitability.

      The 80/20 rule, or Pareto Principle, is a crucial concept in business that identifies how approximately 80% of results stem from just 20% of efforts or causes. This principle can help businesses pinpoint their most significant factors and focus on them to increase output with less work. For instance, in a candle-making business, only a few candles might generate 80% of the revenue. Similarly, Apple derives most of its revenue from the iPhone. By recognizing these core products or areas, businesses can prioritize and improve them, ultimately leading to increased efficiency and profitability. At Girls That Invest, we have various income streams, but focusing on our most effective methods has allowed us to maximize our impact and growth.

    • Focus on high-impact areas for maximum outputIdentify 20% areas that bring in 80% of revenue or audience and prioritize them for increased efficiency and productivity

      Focusing on the 20% of areas in your business or social media platforms that bring in 80% of the revenue or audience is a more effective use of time and energy than trying to grow every aspect equally. Identifying these areas requires research and analysis of revenue data. By prioritizing these high-impact areas, individuals can increase their output and improve their business or social media presence without burning out. This concept aligns with the idea of working smarter, not harder, and allows for a better work-life balance and more time for relaxation and personal interests.

    • Understanding Business Performance through Data AnalysisRegularly assess business performance by tracking income sources, identifying top-performing products/services, and testing marketing strategies to optimize operations and grow the business.

      Analyzing data is crucial for understanding the performance of a business from various perspectives, including sales, revenue, marketing, and customer feedback. By tracking and tagging income sources, identifying top-performing products or services, and testing different marketing strategies, businesses can make informed decisions to optimize their operations and focus on what brings the most value. This data-driven approach can be applied to any business model, whether it's product-based, service-based, or a combination of both. By regularly assessing and refining your offerings based on data, you can improve customer satisfaction, increase revenue, and ultimately grow your business.

    • Focusing on what works bestMaking informed decisions by recognizing the value of existing platforms and considering potential workload increases can lead to effective business growth.

      Focusing on quality over quantity can lead to more effective business decisions and better use of resources. The speaker shared their experience of considering various ways to expand their media company, but ultimately deciding to double down on what was already working best for them – their podcast. By recognizing the value of their existing platform and the potential increase in workload from adding a new one, they were able to make informed decisions and stay focused on their goals. This concept can apply to various aspects of business, including product development, marketing channels, and customer interactions. Every transaction represents the culmination of hard work and dedication, making it essential to make the most of each opportunity. Therefore, simplifying payment processes through solutions like tap to pay on iPhone, powered by Stripe, can help businesses save time and resources while providing a better customer experience.

    • Streamline your business with tap to pay and the 80/20 ruleImplement tap to pay for quick transactions and focus on the 20% of tasks with the greatest impact using the 80/20 rule to save time and maximize results.

      Implementing tap to pay on iPhone and Stripe can significantly benefit small businesses by increasing revenue, expanding reach, and enhancing customer experience with a quick and easy setup. Meanwhile, applying the 80/20 rule can help businesses sift through opportunities and focus on the most impactful tasks. For new businesses, applying the 80/20 rule can be done in three simple steps. First, identify the 20% of tasks that have the greatest impact on your business. Second, prioritize those tasks and delegate or outsource the remaining 80%. Lastly, regularly review and adjust your focus as your business grows and new opportunities arise. By embracing these tools and principles, businesses can streamline their operations, save time, and maximize their impact.

    • Focus on the 20% that brings the most valueIdentify revenue generators, effective marketing channels, and customer pain points to optimize resources and achieve better results

      Focusing on the 20% of activities that bring the most value or results in your business or life can lead to significant improvements. To apply this principle, identify what generates the most revenue in your business, the most effective marketing channels, and the most common pain points of your customers. By understanding and addressing these areas, you can create a more streamlined and successful business model. However, it's also important to actually implement these changes and prioritize them over less impactful tasks. The 80/20 rule, also known as the Pareto Principle, can help you optimize your resources and achieve better results in less time.

    • Focus on tasks with big impact using 80/20 rulePrioritize high-impact tasks, eliminate low-impact ones, and regularly evaluate for optimal results.

      Focusing on the most effective tasks according to the 80/20 rule can help businesses save time and resources while still achieving significant results. This can be done by prioritizing activities that have a big impact, letting go of those that don't, and regularly evaluating and adjusting as needed. For example, optimizing online presence by using an effective link instead of a less appealing one, or trying new marketing strategies like Instagram lives and evaluating their effectiveness after a set period. By doing so, businesses can work smarter, not harder, and free up time and energy for other important areas. Additionally, maintaining a record of tried and tested strategies, rating their effectiveness, and eliminating those that don't work can help businesses streamline their efforts and focus on what truly makes a difference. This approach can lead to greater flexibility, time savings, and overall success.

    • The Power of Focusing on the Essential 20%By applying the 80/20 Principle, individuals can create 80% more impact in their business, saving time and resources. Focus on the essential 20% for maximum results.

      The recommendation of the book "The 80/20 Principle" by Richard Koch. This book is a well-recognized productivity business title, and although the speakers have shared valuable insights from it during the discussion, they emphasize that listeners have effectively learned the key concepts. By understanding and applying the 80/20 principle, individuals can create 80% more impact in their business, saving them time and resources. Remember, the goal is to focus on the essential 20% that yields the most significant results. This episode has potentially saved listeners 20 hours of reading time. However, always do your research, and remember that Girls That Invest does not provide personalized investing advice. The information shared is for educational purposes only.

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