We often observe that business owners find two things very challenging: Thinking ahead and doing things in order of importance.
Doing these two things makes the difference between success in business and just surviving. Moreover, the same is true for all areas of our lives.
Leadership trainer and author, John Maxwell, says, "Thinking ahead and prioritizing responsibilities marks the major differences between a leader and a follower."
The Pareto Principle Most people have heard of the Pareto Principle, more commonly known as the 80/20 Rule. Roughly stated this says that in most businesses 80% of your business comes from 20% of your customers. Other examples of the Pareto Principle are:
- Reading: 20% contains 80% of the content - Job: 20% work gives 80% satisfaction - Products: 20% of products bring 80% of profits - Picnic: 20% of the people eat 80% of the food!
Priorities Therefore... when it comes to your priorities, 20% of your priorities will give you 80% of your production IF you spend your time, energy, money and personnel on the top 20% of your priorities.
Application of the Pareto Principle Every businessperson needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership.
In the area of customers, it is vital to identify the 20% who account for 80% of your business. These are your "raving fans" and strategies must be put in place to care for them appropriately.
For your team, you must identify the top 20% producers. Spend 80% of your people time with these people to develop them to their full potential.
In leadership, take an honest look at the question "What do I have to do that no one else can do?" Remember a leader can give up everything except final responsibility.
You Decide You can decide whether you will be reactive or proactive when it comes to the use of your time.
The question is not "Will I be busy?" but "How will I invest my time?" It is not "Will my calendar be full?" but "Who will fill my calendar?" It is not "Will I see people?" but "Who will I see?" Do this and watch your productivity and personal satisfaction rise to new heights!
The Power of Priorities - To learn more about this author, visit David Carter's Website.
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David Carter
(Visit David's Website)
David's professional career has taken him
around the world living and working in the
US, New Zealand and the UK. He has held
senior executive positions within the
Thomson Corporation, Wolters Kluwer, and
Ziff-David publishing companies. David has
led small and large organizations in the
healthcare, franchised executive suites,
and service industries. In addition, he
successfully founded and developed two
businesses: American Trade Exchange, an
import and export company, and a PC
systems development and training company.
These have provided excellent environments
to "practice what he teaches." He is a
Contributing Author for Walking with the
Wise II, Mentors Publications. David
founded ActionCOACH Philadelphia in 2002
and has been successfully coaching and
training businesses in the Greater
Philadelphia Area. He has helped privately
held and family owned businesses, as well
as senior executives, to realize their
personal, financial and business goals,
and to achieve greater lifestlye. Visit ww
w.actioncoach.com/davidcarter to learn
more about David.
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