The University of Louisville’s Family Business Center will host an event entitled: The 80/20 Rule: Unlocking True Profitability for a Family Business.
Date: May 10, 2017
Location: The Crowne Plaza Louisville Airport, 830 Phillips Lane, Louisville, KY
Networking Breakfast/Check-in: 8:00 a.m. – 9:00 a.m.
Event: 9:00 a.m. – 12:00 p.m.
Approximately 80% of a company’s value (measured by revenue) is derived from only 20% of its resources or efforts (its product lines and customer base). Pareto called it the law of the “trivial many and the critical few.” The Pareto Principle has been widely touted as a business axiom for over a century, but few people appreciate its implications or implement it correctly. Unfortunately, 80/20 is often discussed at length, applied selectively, or even misunderstood. Consequently, few companies who believe they’re following the principle see any benefit.
Learn Why You Can’t Grow Your Way to Profitability
Choose your business goal: do you want to just get bigger and bigger — more products, more customers, more employees, more factories — or do you want real earnings growth? If true profitability sounds like the correct objective for you, find out how to get there.
Find Out Why Lean is Great, But It’s Not Always the First Solution
True profitability is based on being highly selective in your business efforts and focusing on your best resources. Applying 80/20 first, puts Lean on steroids and drives profitability faster.
Hear From Successful Family Business Leaders How 80/20 Works for Them
FBC Members Steve Diebold of Wirecrafters, Inc., and Tony Diebold of Fabricated Metals will offer a first-hand account of how they have successfully applied the 80/20 methodology to optimize their businesses. (Yes, they are related). They will be joined by additional members of their leadership team, so bring yours.
For more information, contact Scott Olinger, CPA, CGMA, CPIM at solinger@hsccpa.com.
