Some time ago I wrote a piece on the Pareto Principle more commonly known as the 80/20 Rule. 80% of our problems come from 20% of our customers. So, do we really need that 20%? Being a small business owner is not without its challenges. The good news is that we get to choose who we’ll work with. We get to pick and choose based on our criteria. If someone is going to be difficult to work with, simply think…next.
Establish your criteria for who you’ll deal with, just like you establish criteria for buying parameters. Let these criteria be your guide and you’ll find less hassles, more profits. Besides, when you deal with the right kind of people you’ll even walk away from the closing table with a testimonial. It doesn’t get any better than that!
So true! The principle goes further in my opinion. I’d extend the idea to include partners and service providers. In fact, you may even be able use the idea to simplify support and maintenance of the properties you do acquire.
Thanks for putting this out there.
I agree with you. We must choose with whom we will run the business. We also have to prepare everything before we run business. Your article really helped me and also useful for other readers.