Recently, we noticed various blogs and presentations referring to business rules. We wondered, “How many business rules are there?”
The answer? A LOT! We explore eight priceless business rules you need to know when operating your small or mid-size business.
Why?
Because business rules are like roadmaps. They chart a researched path leading to a desired destination. Take a slight detour, and you waste valuable energy and resources. Take a big detour, and you’re likely to get lost.
The 80/20 rule is arguably the most well-known in business circles. Also called the Pareto principle, it has been around for more than a century. The 19th-century Italian economist and sociologist Vilfredo Pareto first suggested the 80/20 principle. He purported that 20% of causes result in 80% of the consequences.
Applied in business, it suggests:
In other words, it’s easier to upsell existing customers than to chase new business. Furthermore, it pays to focus on customers and activities that impact your business the most.
One rule of caution here: while applying the rule, spread the business love around. I worked at an agency that was busy focusing on three accounts for one company. When that company pivoted, our branding agency never recovered.
The 70/30 Rule reminds us that sticking to established methods helps achieve 70% of goals.
In sum, embrace a culture of creative problem-solving, innovative approaches, and inventive thinking.
The 2×2 Rule encourages everyone to prepare two facts about their company that can be shared in two minutes or less.
This 2×2 Rule allows small- or mid-size businesses and teams to achieve the following objectives:
Up your game. Be sure everyone in your company can articulate two uniquely distinguishing facts that separate your organization from the competition in two minutes or less. Additionally, focus on just two desired outcomes for each meeting.
The 3/30/3 Rule refers to capturing attention with your content.
Effective communication relies on an almost instant connection. Create powerful messages, enticing, compelling content, and exciting visuals that are:
Try putting your current content to the test. Does it meet the 3/30/3 Rule?
Put the focus on your audience, not yourself. TA McCann, founder and CEO of Senosis (acquired by Google) and Gist (acquired by Blackberry and Rival IQ (marketing analytics), explains how to effectively structure social content by adhering to this rule:
Do not overlook the importance of the personal touch. This is your opportunity to connect with your audience, help them get to know you, and make your content more memorable. It should have an addictive quality that makes your audience want to come back again and again because they like your style.
See how our website design process differs from other web design and marketing companies. Learn…
We thought our clients and readers could use a little encouragement, so we came up…
Email marketing is highly effective when done right. But, if you’re not doing email marketing…
Test your knowledge of email marketing with this quiz.
Promotional marketing is not dying with the rise of content marketing, but it is changing.…
Product, price, promotion, and place. Here's what you should consider when pricing your product or…
Business Rule #6
The Platinum Rule: Be Respectful and Selfless.
The Golden Rule: treat others how you want to be treated. Respect and appreciation are almost universally desired by every person you meet.
At the same time, people are unique. For example, you might welcome a public atta-boy or atta-girl. But someone else might be embarrassed, humiliated, and want to climb under a rock. Instead, that person might appreciate a private note of gratitude.
Similarly, one client or customer may want every detail. The next one wants the bottom line.
Enter The Platinum Rule: treat others how they want to be treated.
This holds true in social media, email marketing, and all business relationships.
This simple rule modification can pay high dividends. Treating people individually can create greater trust, comfort, and mutual respect.
Get to know your employees and clients. Not sure of their preferences? Just ask.
For example, asking how often people would like to receive marketing emails is an example of the Platinum Rule.