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I know that I'm going on about this Star Business thing but I don't know of a better example of applying 80/20 in your business.

If you aren't the leader in a niche that is growing by at least 10% per annum, then read this latest blog post and start thinking:

http://smallbusinessauthority.com.au/is-your-business-a-star-business/
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Another thought from Star Principle - although 10% growth is minimum expectation, higher growth - and even more important - longevity - make a HUGE difference.

The facts speak - if you start with sales of $100 and profit on sales is 15%, then at 50% growth and after 30 years, the business will be worth 43.5Mill. Another 10 years and it becomes $2.5 Bill.

Like Einstein said "Compound interest is the eighth wonder of the world."
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Is Your Small Business a Star Business? Just finished reading what has to be the most powerful business book I have read at least in the last decade - maybe ever -- The Star Principle by Richard Koch (of 80/20 fame).

What's the big deal? The big deal is that if you get your business focus right, then everything else will follow and you will be HUGELY successful. And conversely, if you DON'T get the focus right, it almost doesn't matter what else you do.

So what's the required focus? You need to meet 2 conditions - (1) Be the leader in your niche market, and (2) the niche market needs to be growing by at least 10% each year.

Note that a niche market is simply something that has different targets segments and/or different products. In other words, it can be a segment of an existing market that develops and provides something unique.

More to come on this soon - but if you don't meet these 2 conditions, then its time to think about repositioning your business.

Joe Bowers
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