Step 5: Don't Do Most Things

The concept of focusing 80% of your time and resources on 20% of your key activities is known as the Pareto Principle, named after Italian economist Vilfredo Pareto. This principle suggests that 80% of the effects come from 20% of the causes.

Similarly, the idea of qualifying everything hard before committing is about making informed decisions. By thoroughly evaluating the potential outcomes and risks involved in a decision, you can make a more informed choice that aligns with your goals and priorities. This process also helps you to avoid potential roadblocks and setbacks, allowing you to move forward with greater confidence.

The combination of focusing 80% of your time and resources on 20% of your key activities and qualifying everything before committing can help to break through and dominate in your industry. By focusing your efforts on the most impactful tasks and making informed decisions, you can maximize your chances of success and achieve your goals more efficiently. Additionally, by being selective in the work you take on and the decisions you make, you can avoid distractions and maintain a clear focus on what's most important.

It's important to follow a process and focus on moving through the steps of the process.?This helps the team understand where you are on the journey and its purpose. ?Let’s breakdown a few examples:

Product Focus

?Falling in love with the problem instead of the solution, why that’s important:

1. Problem-Focused Companies are more Customer-Centric: When a company is focused on the problem, it puts the customer at the center of its solutions. This leads to a better understanding of the customer's pain points, unmet needs, and challenges, which in turn results in providing solutions that are more relevant, effective, and valuable to the customer.
2. Problem-Focused Companies are more Agile: Companies that are focused on the problem are more open to new ideas and willing to change direction if needed. This adaptability and agility allow them to respond quickly to changing market conditions and customer needs.
3. Problem-Focused Companies are more Innovative: When a company is focused on the problem, it encourages a culture of innovation, as the focus is on finding new and creative solutions to the problem. This leads to the development of new and innovative products, services, and business models that can disrupt and transform the industry.
4. Problem-Focused Companies have a Stronger Purpose: Companies that are focused on the problem are driven by a sense of purpose and mission. This gives the company a clear direction and focus, which can lead to greater motivation and engagement among employees, and more compelling brand and customer loyalty.

GTM Product Process

Ideation: This is the first step in starting a business and it involves coming up with an idea for a product or service. It's important to choose an idea that you are passionate about and that solves a problem in the market.?Fall in LOVE with the market PROBLEM, not the solution.?Focus on this above all else.

Prototyping: Once you have an idea, the next step is to prototype it. This involves creating a basic version of your product or service to test its viability. This is a crucial step as it allows you to identify any weaknesses in your idea and make changes before launching.

Launching: After you have completed prototyping, it's time to launch your product. This is a critical step as it sets the tone for your business. You want to make sure that you have a well-thought-out plan and a solid marketing strategy in place to increase visibility and reach your target audience.

Traction: Once your product or service is launched, the next step is to gain traction. This involves attracting customers and generating revenue. In order to do this, you need to have a clear understanding of your target market and what they want. You can then tailor your marketing efforts to reach them effectively.

Monetization: After you have gained traction, it's time to monetize your product or service. This involves finding ways to generate revenue from your business. There are many different monetization strategies to choose from, including advertising, subscriptions, and selling your product or service.

Growth: Once your business is up and running, the next step is to focus on growth. In order to do this, you need to have a clear understanding of your ideal customer profile and what territories they are located in. This will help you focus your go-to-market efforts and increase your chances of success.

Focus on the correct Ideal Customer Profile (ICP) and target territory

Territory management: Territory management is the process of dividing a market into smaller, manageable segments so that you can focus your resources more effectively. By focusing on a specific territory that is home to your ideal customer profile, you can increase your chances of success by tailoring your marketing efforts to their specific needs and wants.

Building a focused territory plan for sales can help to ensure that your sales efforts are directed toward the most promising opportunities and that you're maximizing your results. Here are some tips and tricks to help you build a focused territory plan:

1. Identify your ideal customer profile: Determine the characteristics of your ideal customer, including their industry, size, location, and needs. This will help you to prioritize your sales efforts and focus on the most promising opportunities.
2. Conduct market research: Research your market to identify the areas that are most likely to generate the best results for your business. This may include analyzing data on customer demographics, market trends, and competition.
3. Define your sales objectives: Set clear sales objectives for your territory, including specific targets for revenue, market share, and customer acquisition. This will help you to stay focused on your goals and measure your progress.
4. Prioritize your sales activities: Identify the most important sales activities for your territory and prioritize them. This will include developing relationships with key decision-makers, following up on leads, and conducting product demonstrations.
5. Allocate resources effectively: Ensure that you're allocating your resources effectively to support your sales efforts. This may include assigning specific territories to sales representatives, investing in technology and tools, and providing training and support.
6. Collaborate with your sales team: Work closely with your sales team to ensure that everyone is aligned with your territory plan and working towards common goals. Encourage open communication, feedback, and collaboration to ensure that everyone is working effectively.
7. Use the methodology above and get your reps to come up with their top 20 accounts, then tier them T1, T2 & T3.?In the CRM build activities report against these accounts and track the activities (meetings, calls, emails) and therefore the penetration you are achieving and its quality. ?Model your best WON deals against it.?Very quickly you can do a GAP analysis to see if you are on track to earn the customer's business.?Feel free to DM me if you need an example.

Focused Hiring: 1+1=3

Don’t just focus on hiring, focus on hiring the right people at the right time to complement the business based on your stage of growth. (Refer to Bet on People article for how to hire).?Challenge who is really needed, is there another role that is more valuable??People are your best asset but also your biggest outlay.?You should not be more than 20 employees until you get to product market fit. Focus on this discipline.

Having the right talent on your team can make all the difference in your success as a business. Here are a few reasons why it is so important to focus on hiring the right talent at the right time:

1. Improved Productivity: Hiring people who are a good fit for your company culture and have the skills to do the job can increase overall productivity. When employees can work effectively with their colleagues and are motivated, it can lead to better results for the business.
2. Better Decision-Making: Having a team with diverse perspectives and skills can lead to better decision-making. A team with a range of backgrounds and experiences is more likely to identify potential problems and find creative solutions.
3. Enhanced Reputation: Hiring the right talent can enhance your company's reputation. Customers and clients are more likely to do business with companies that have a strong and competent team.
4. Improved Employee Retention: When employees feel that they are valued and are a good fit for the company, they are more likely to stay with the company. This can save the business time and resources that would otherwise be spent on recruiting and training new employees.
5. Increased Innovation: Hiring talented individuals who are passionate about their work can lead to increased innovation. When employees are given the opportunity to contribute their ideas and skills, it can lead to new products, services, and processes that can drive business growth.

Vision: Focus

This really comes to play if you start to go ‘off the reservation’ by overselling or potential customers offering revenue, but they are asking you to bend your product to do something that doesn’t fit with the vision of the company.?Wind forward and you have a huge customer satisfaction issue and potential employee satisfaction issue.?

1. Provides direction: The vision and mission serve as a roadmap for the company, providing a clear direction for all employees to follow. It helps everyone to understand the company's goals and objectives and work towards achieving them. We discussed before how the vision's journey is broken down into OKRs or other KPIs that everybody has signed up to deliver. Stayed focused on the accountability of their deliverables.
2. Increases motivation: When employees are aware of the company's vision and mission, it helps to increase their motivation and sense of purpose. They feel that they are part of something bigger and their work has a meaningful impact.
3. Aligns efforts: By staying focused on the vision and mission, all employees' efforts are aligned towards the same goal. This leads to better collaboration, teamwork, and ultimately, more successful outcomes.
4. Improves decision-making: When employees are aware of the company's vision and mission, they are better equipped to make decisions that are aligned with the company's goals. This results in better decision-making, fewer mistakes, and more efficient use of resources.
5. Maintains consistency: Staying focused on the vision and mission helps to maintain consistency in the company's operations, even as the market and circumstances change. This allows the company to adapt to new challenges while still staying true to its core values and goals.

Onboarding customers that are not part of the ideal customer profile can be detrimental to the business for several reasons:

1. Misaligned expectations: If the customers have different expectations than the agreed use cases, they may become frustrated with the product. This can lead to customer dissatisfaction and negative reviews.
2. Increased support costs: If these customers have different needs or issues that are outside the agreed use cases, it can increase support costs for the company as they will have to dedicate additional resources to help these customers.
3. Reduced product focus: If a company is spending time and resources trying to accommodate customers who are not part of the ideal customer profile, it can detract from the company's focus on its core product or service. This can lead to decreased efficiency and productivity.
4. Decreased customer satisfaction: When customers are not receiving the service or support that they expected, it can lead to decreased customer satisfaction. This can impact the company's reputation and lead to customer churn.

As the CEO it's your job to regularly reiterate the company vision and relate all decisions back to it. It may feel repetitive, but it's so important to keep 'banging the drum'.

There are many other examples.?By applying these principles to your business, you can identify the 20% of activities that drive 80% of your results and prioritize them. This allows you to focus your time and resources on the most impactful tasks and processes, which can lead to greater efficiency and effectiveness for growth.