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WIth all this talk about the pursuit of profit, I thought I would offer the following verbatim from the Illinois Tool Works' home site (itw dot com): About 80/20 The birth of ITW's 80/20 process dates back to the early 1980s when a handful of our businesses sought ways to improve manufacturing practices so they could stay competitive in a changing economy. Today, after more than 20 years of expansion and refinement, ITW has assembled a comprehensive 80/20 body of knowledge which touches all parts of our businesses. The concept underlying 80/20 is simple: 80 percent of a business' sales are derived from the 20 percent of its product offering being sold to key customers. Put simply, too often companies do not spend enough time on the critical 20 percent of their key customers and products and spend too much time on the less important 80 percent. This process is really about simplifying and focusing on the key parts of your business. Simplicity focuses action, while complexity often blurs what is important. In the process of simplification, we view all aspects of the business on an 80/20 basis. This includes finding ways to simplify our product lines, customer and supply base, and business processes and systems. In the end, 80/20 improves quality, productivity, delivery, innovation, market penetration, and ultimately, customer satisfaction.
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