The 80/20 Rule works for life as well as in business. It is crucial for maximizing performance. Find the products or services that generate the most income (the 20 percent) and drop the rest (the 80 percent) that only provide marginal benefits. Spend your time working on the parts of the business that you can improve significantly with your core skills and leave the tasks that are outside your best 20 percent to other people. Work hardest on elements that work hardest for you. Reward the best employees well, cull the worst. Drop the bad clients and focus on upselling and improving service to the best clients. (From Entrepreneurs-journey.com).
More information/thoughts on the 80/20 Rule:
http://management.about.com/cs/generalmanagement/a/Pareto081202.htm
http://coffeeshopjournal.com/2008/05/02/john-maxwell-leadership-gold-session-three/
