Don't just "work smart", work smart on the right things.
In this posts, you will learn:
What is Pareto Principle or 80/20 rule?
Ways to Use the 80/20 Rule Today.
Negosyo blog SECRET TIPS on 80/20 rule.
Lets begin.
Pareto Principle or 80/20 rule Definition.
Pareto Principle in management is in reminding us to stay focused on the “20 percent that matters”. Of all the tasks performed throughout the day, one could say (based on Pareto’s Principle) that only 20 percent really matter. Those tasks in the 20 percent very likely will produce 80 percent of our results.
Pareto's Principle should serve as a daily reminder to focus 80 percent of your time and energy on the 20 percent of you work that is really important.
Learn how to apply the 80/20 rule to eliminate meaningless work from your life — and focus on what really matters.
So Why Is This Useful?The Pareto Principle helps you realize that the majority of results come from a minority of inputs. Knowing this, if…
20% of workers contribute 80% of results: Focus on rewarding these employees.
20% of bugs contribute 80% of crashes: Focus on fixing these bugs first.
20% of customers contribute 80% of revenue: Focus on satisfying these customers.
The examples go on. The point is to realize that you can often focus your effort on the 20% that makes a difference, instead of the 80% that doesn’t add much.
Ways to Use the 80/20 Rule Today
1.Work Tasks – Write down all the broad categories of tasks you do at your job. You can make a little table that shows the amount of hours spent at each category (say, 1 hr for E-mail, 1 hr for contacting clients, etc.) and on another column write down a value estimate for what percentage you believe it contributes to your productivity. Eliminate, simplify or delegate low %’s and focus on high %’s.
2.Web Surfing - Record your web usage for a day or two. Write down the sites you visited or tools you used to get there (facebook, negosyo blog, etc.) Figure out sites took up the most time and which had the least value. You’d be surprised how often they are the same thing.
3.Hard Drive – Sort through your computer documents, comparing the last modified date for various major folders. Create a separate folder system where you can move these rarely used files. This will eliminate your computer clutter and make it far easier and faster to find the stuff you actually use.
4.Applications - Go through all your computer applications. Figure out which ones are distracting and are either rarely used or contribute little value. Uninstall those. If this seems like too much work, a complete computer reformat can get rid of the trash.
5.Budget – Calculate all your discretionary expenses (food,necessities and etc.). Now compare the money value of each expense with the utility of the purchase. If you wanted to compare different entertainment items in your budget, you could value each expense on the pleasure it brought you.
Why only five items, and not a top-10 or top-20 list?
You guessed it, the Pareto Principle. Again.
Negosyo Blog 80/20 rule.
Most of us complain how busy we are, whether it’s with work, our family, or just the basic upkeep of life. Yet there are others — who have exactly the same amount of hours as we do — who do remarkable things. How?
Secret Tips #1: Focus on 20% of your life
Ah, the good ol’ 80/20 rule. Maybe you know it as Pareto’s Principle, which demonstrates that in most things you do, 80% of your results come from 20% of your efforts. Pretty cool.
But not so cool? It also means that 20% of your results come from 80% of your efforts.
Do you see the incredible opportunity here?
You can do more than just eliminate 80% of all your hard work; you can take the remaining 20% and scale up to even better results
Secret Tips #2: Improve your promotion using 80/20 rule
Rather than spend hours every day trying to suffer through the process of keeping up with tactics that didn’t do much, Dropped them and now spend far less time, maybe 10% of what I was before, focusing on the promotion tools that work incredibly well for you.
Before
After
Secret Tips # 3: Maintain your 20% and improve gradually.
Monitor your monthly performance. Keeping your record will help you manage and control all your daily activities. It will help you to manage your decision making.
Negosyo Blog 80/20 rules application
Negosyo Blog is dedicated to the success and empowerment of all entrepreneurs, business owners, free thinkers, and big dreamers of Filipinos around the world. Whether you're an idea man, idea woman, idea kid, or idea dog - as an entrepreneur, you are the lifeblood of industry and the backbone of the global economy.
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