Remembering the 80/20 rule

Long, long before we had cell phones, email or the internet, an Italian economist discovered the 80/20 principle. 

In 1897 Vilfredo Pareto observed that 80 % of the wealth was owned by 20% of the population.

Not much has Changed since then, and this theory has been widely applied to all aspects of business from quality control to time management.

Here are some of the ways that the 80/20 rule might be impacting you and your business.  80 % of your goals are achieved by working on 20% of your daily tasks. Become aware and learn to recognize which tasks and actions will move you closer to accomplishing your goals and make those top priority on your daily to-do list. 

20% of your efforts produce 80% of your business results. Learn to recognize which tasks make the most effective use of your time and energy. 

80% of the value you receive from business journals and educational reading comes from 20% of the material out there. Determine which business magazines, journals and books produce the most value for you in your particular business and forget about the rest.

20% of your co-workers give you 80% of the support that you need and thrive off of. Identify who has your back and be sure to return the favor to them. Make it a priority to enhance these relationships and acknowledge them for the ways that they make your job and work life easier.

80% of the value that your customer receives comes from 20% of what your company does. Make an effort to find out what your customer judges you and your business on, and invest your time to do those things with excellence.

20% of your time management habits cause 80% of your productivity problems and challenges. If you stop and pay attention to what you are doing or not doing, you will see that most of your time challenges boil down to one or two bad habits such as lack of organization or lack of prioritizing. Take the time to identify your one or two habits and commit to working to improve them.

Over the next week or two, take a look at where the 80/20 rule is showing up in your business life. At the end of the 2 weeks make it a priority to determine how you could adjust the way you organize, delegate or carry out tasks to make the most of this 80/20 principle in your business.