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59. Follow These Principles of Business

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There are three simple rules for business success.

  1. Offer a quality product or service that the market demands and charge a fair price.
  2. Appreciate your customer. Say thank you and ask for more business and referrals.
  3. Copy success. Find the leaders in your industry and do what they are doing. Keep improving.

Apply the 80/20 rule: 80% of your income may come from only 20% of your products and customers. Refine your product line. Cater to these elite customers.

Apply the 70/10/20 rule: 70% of your workers do an adequate job. Treat them fairly but these workers can always be replaced. The slackers and malcontents are in the 10% and should be told once and not twice, Good-bye and good luck. The elite 20% of your workforce are outstanding and should be recognized, appreciated and well compensated. They cannot be easily replaced.

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