Most people have heard of 80/20. Such as 80% of your business comes from 20% of your customers. The concept of 60/30/10 is how one can allocate investments including time. Too many times if you ask anyone – what does a day in the life look like – it will turn into a laundry list of tasks and not extremely focused. With 60/30/10 it helps one articulate and prioritize work and can be applied in other areas. In fact – interior designers have been using this for color coordination. They pick three shades of a color and use them in that proportion.
1) 60 – This should be the primary focus. Let’s use an example of a Sales Executive with an installed base. The primary work may be servicing the account, working to cross-sell and up-sell additional products, capacity, and services. Depending on how the sales team is organized, they may also handle renewals. Simply stated – 60% of the time is working with the installed base to grow and renew business.
2) 30 – Sales goals seldom go down. Typically, it is last year plus a growth factor. Maybe the 30% for this Sales Executive will use this time to recruit new prospects and working with partners for growth. Notice how we are not talking about every detail that goes into that. Rather we focus on the outcome. That is spending ~30% of the time finding and building new business.
3) 10 – My personal favorite for using the 10% in any role is learning. Lifelong learning keeps ones saw sharp and makes your team more valuable. Anything that makes one better in their trade is a good investment. In sales having competitive, product, and sales process knowledge, along with execution – usually separates those that attain and shatter goals from those that struggle.
Think through
Next time someone asks you – what do you do – can you give a crisp answer? What is your 60/30/10? Wouldn’t it be great to say something to the effect of “I spend the bulk of my time servicing my current customers, a smaller portion developing new business, and finally I invest in myself.
Feel free to post comments or email them to me. Small Business, Big Lessons ® – What is your 60/30/10?
About the Author:
Gregory Woloszczuk is an entrepreneur and experienced tech executive that helps small business owners grow their top and bottom line. Gregory believes in straight talk and helping others see things they need to see but may not want to with a focus on taking responsibly for one’s own business. He and his wife, Maureen, started GMW Carolina in 2006.
Chapelboro.com does not charge subscription fees. You can support local journalism and our mission to serve the community. Contribute today – every single dollar matters.
Related Stories
‹
Small Business, Big Lessons™ - Don’t be a Tool!When you are working with clients – do they consider you a business partner? Are you so critical to their success that they would have a difficult time finding an alternative person or solution? If not – you may be a tool. If you are a tool like a screwdriver or hammer – very easy […]
Small Business, Big Lessons™ - Leave Them HungryEver deliver a sales presentation and feel like it is your one shot to get all the information to your prospect? That generally is not the case. Your role is to create an appetite for more discussion to lead along the sales path. In other words – leave them hungry! Utilize these three success tips: […]
Small Business, Big Lessons™ - Exiting the FranchiseExiting the Franchise The time will come to sell your franchise. Maybe it’s due to being ready for retirement, heath concerns, loss of a partner or just simply being burnt out. We will discuss some tips to get you ready now. The better prepared you are now – the better the resale value when you […]
Small Business, Big Lessons™ - Running a Successful FranchiseRegardless of franchises or independent business, step one is for you to “own” the business and its success. In today’s “Small Business, Big Lessons,” we will discuss leveraging all your franchisee resources but no matter the support or lack of support – your name is on the business as its owner and staying focused on […]
Small Business, Big Lessons™ - What They Don't Want You to Know About FranchisingInsider Secrets for Researching a Franchise – What They Don’t Want You to Know! In this continuation of our special franchising series, we will share information most franchisors do not want you to know. At this point you have decided to pursue a franchise concept. You believe it may be a fit for you. You […]
Small Businesses, Big Changes: Owners Share Local Challenges and Access to ResourcesWith more demand for property and land in Chapel Hill and Carrboro, small businesses are being priced out. This year, during 97-9 the Hill’s annual Forum on The Hill series, FRANK Gallery, The Gathering Place and The Purple Bowl came in to talk about the stages of change they have experienced as a result.
Small Business, Big Lessons® - Celebrating 3 Years!Time flies when you are having fun. It is hard to believe the Small Business, Big Lessons column is celebrating 3 years. This week will be a walk down memory lane and how it started. Our business had been advertising for years with WCHL and Chapelboro.com. I’ve had the pleasure of being interviewed by Ron […]
Small Business, Big Lessons® - Measure Twice, Cut OnceEver hear the saying “measure twice and cut once?” It is what carpenters live by. It means taking the time to ensure your accuracy before cutting a piece of wood. There’s nothing worse than needing to go back to the lumber yard to finish a job or try to make something fit – especially if […]
Small Business, Big Lessons® - Local Spotlight on FitnessAmong the businesses hit hardest by Covid-19 is the fitness industry. I had the opportunity to interview local business owner, Dana Harshaw. Dana owns and operates Barre3 (pronounced bar three) in Chapel Hill. She is the local owner within a franchise system of over 140 locations. We spoke about the challenges, opportunities and concerns owning and […]
Small Business, Big Lessons ®: How to Apply 60/30/10Most people have heard of 80/20. Such as 80% of your business comes from 20% of your customers. The concept of 60/30/10 is how one can allocate investments including time. Too many times if you ask anyone – what does a day in the life look like – it will turn into a laundry list […]
›
