I received an odd email today from one of my long-term podiatry competitors, complaining that my podiatry business paid to be the preferred podiatry business for the the Cairns Taipans basketball team, which of course was not the case, but it got me thinking about THE VITAL FEW AND TRIVIAL MANY (chapter six of my book)
I absolutely love this chapter because it highlights the contrast between those that 'do'...and those that 'do not' in the podiatry profession.
Those that 'do'...don't complain about other podiatrists' success, whereas those that 'do not', look for reasons to complain and constantly point the finger at others for doing the wrong thing, which is a shame, because if they put that same amount of energy into their own business, they would be doing so much better.
Those that 'do', The Vital Few, make things happen in our profession, whereas those that 'do not', The Trivial Many, make nothing happen except misery. But this is to be expected.
In 1906 Italian Economist Vilfredo Pareto created a mathematical formula, that observed that 80% of the wealth in his country was owned by 20% of the population. This was called the Pareto Principle, and then in the 1930's Dr Joseph Juran called it the Vital Few & Trivial Many. Today it is known as the 80:20 Principal, and most people are aware of this concept.
- 80% of your heartache will come from 20% of your patients
- 80% of your business errors will come from 20% of your team
- 80% of your income comes from 20% of the services you provide
Who are the Vital Few in podiatry?
They are the 20% of the profession who:
- Earn more
- Have businesses that look professional
- Have businesses with modern equipment
- Contribute to the profession
- Involved in research that matters
- Are invited to speak
- Everyone knows their name
- Everyone wants to know them on Linkedin / Facebook / Google+ / Twitter
- People follow their blogs
- They have consistent marketing strategies
- Their websites are alive and constantly changing
- They are sadly missed when they retire
Who are the Trivial Many in podiatry?
This is really easy. They are the ones who:
- Earn far less, and complain about it
- Have very average podiatry businesses
- Have outdated equipment
- Contribute nothing, but will be responsible for 80% of complaints to the Podiatry Board
- Are never invited to speak
- No one knows their name
- Have a Facebook / Google+ / Twitter account that is never updated, and no one follows
- Have no website, or one under construction
- Have no marketing strategy, and complain about everyone else's
- Will not be missed when they retire
Another important point that was not in my book and this is when they go to sell their businesses, the Vital Few will sell their business for significantly more money than the Trivial Many. In fact, the Trivial Many will probably be unable to sell and may have to close their doors, because no one wants to buy a business that is insignificant.
So what's my point?
If you're going to be in business for yourself, focus your energy 100% on your activities, not your competitors, and every day set a goal to be better then you were the day before. If you can do this...you will succeed, and you will be one of the Vital Few.