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80 20 principle

Budget Time: Use the 80/20 Framework to Keep Costs in Line

You’ve probably heard of the 80/20 concept (also known as the Pareto Principle), where 20% of whatever you are considering (i.e. workers, technology, inventory) is responsible for 80% of the results (productivity, sales, and profit.) The fourth quarter of the year is budget season and a great time to take a closer look at your …

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Waste

Eliminate Waste, Improve Profit

Today’s business environment is competitive. Companies are constantly looking for ways to improve efficiency, reduce costs, and increase profitability. One way to achieve these goals is to implement lean accounting practices, which help businesses identify and eliminate waste in their processes. According to a study by the Lean Enterprise Institute, a nonprofit organization focused on …

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key performance indicators

What’s the Score? Track Your Key Performance Indicators

What are your business’s Key Performance Indicators (KPIs)? Are you even keeping score of your business’s performance? When it comes to business results, leaders often have a target in mind (i.e. make more money this year than last year.) You probably have some specific hopes and goals and are trying to move your results toward …

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