It’s called the 80/20 rule (or the Pareto Principle for those who want to Google it). It basically states that 80% of effects come from 20% of causes, and it applies to so many parts of life. In this case, a client was demanding 80% of my time, when he only made up 20% of my workload..
This rule can be observed in the following:
· 80% of the results are created by 20% of the input
· 80% of the results are created by 20% of the workers
· 80% of business sales are made by 20% of the staff
· 80% of revenue is created by 20% of the customers
· 80% of revenue is created from 20% of the products
· 80% of satisfaction from our relationships comes from 20% of the relationships.
See where I’m going here?
So, after lying in bed until 3am stewing (as we business owners tend to do), I decided that I need to move on. But I wasn’t going to forget about yesterday’s hiccup– I was going to learn from it..
My task for the rest of this week is to look at how the 80/20 rule applies to my business. To identify which 20% of my products are making 80% of my revenue. To see which clients are demanding 80% of my time but only paying for 20%. More importantly, I want to hone in on my 20% clients and brainstorm how I can better serve them, because that’s the area of my business I should be focusing on..
What could you change in your business?
Where are you putting 80% of your energy, and is it paying off?
I think this is a massive part of our problem as business owners; we pour our hearts and souls into our businesses, and sometimes we lose sight of the forest for the trees. All of a sudden we’re doing everything without ever stopping to consider if what we’re doing is actually creating results..
For this reason, I’ve decided to create some FREE training on the 80/20 principle and how you can use to identify areas in your business where you could potentially create more revenue, become more efficient, or just start liking the clients you serve – and not just 20% of them, LOL..
For today only, if your purchase my goal-setting, time-planning and budgeting online program, you will get free access to my 20/20 principle training – for life!
My program will teach you how to plan like a boss for 2019 for your business and my training will help you identify areas of your business you can apply the 80/20 rule to..
Grab your online time-planning, goal-setting and budgeting program here and get your FREE training here :
>> Get My FREE Pareto Principle Training
Onwards and upwards,