Are You Making the Most of the 80/20 Rule?
Are You Making the Most of the 80/20 Rule?
That's a tricky concept, isn't it? Yet, understanding what it means to your business - and your life - is essential to earning what you're worth, and doing so in less time. If only you could understand what that 20% is, and what the heck you're doing with your time.
If you're having difficulty focusing, there's a pretty good chance you don't know what to focus on. I think this is good news. It means that there's nothing wrong; you only need to take a little time to figure out what is truly the best use of your time.
Would you agree that utilizing your unique talents is key to getting what you want from owning and running a business? If so, according to the 80/20 rule you want to spend 80% of your time doing what you do best, love and are great at. Productivity experts recommend that you identify those things that give you the most bang for your buck, and figure out how to spend more of your time on those activities or projects. When you do, several things happen:
- You can work fewer hours in the day;
- Reasonably expect a significant increase in income; and
- Experience greater ongoing personal satisfaction.
When your customers choose your services over your competition's, in addition to the tangible return on investment they expect, they also choose you for your expertise. Behind your expertise is that sparkle you bring to everything you do, which can only be enhanced when you combine your skills with your joy and your purpose. Therefore, focusing on those activities and projects that are good for your business is also good for you! When you get this part down right, you might find yourself saying, "I can't believe I get paid to do this! I'm having so much fun!"
The flip side: Given that there really are only 24 hours in the day, once you determine which projects have the greatest impact on your desired outcomes, you also have to evaluate the bottom 20%. What are you doing that is not ideal and how can you quickly and decisively eliminate those things from your schedule? What are your choices? They're really quite simple: Eliminate, Delegate, Negotiate or Automate.
Two women, both independent photographers who run their businesses from home, reported the following once they became more confident and focused on their priorities.
"I discovered that my busyness comes from my home life, not my work. I found everything has a time and a place; just do things in their time now. I used to say I would have fun after I finished working. The problem was I never finished working. Now I have fun first and work second. I am much happier when I work this way."
"I thought I needed organization. It gave me focus to realize that what makes me happy is most important. It helped me change my views about what was a priority. When I'm at work, I'm my best at work. When I'm at home, I'm my best at home."
Take Action Now:
1. Make a complete list of everything you spend time on now.
2. Identify no more than 5 overarching categories for all of your activities, business and personal.
3. Make note of any beliefs or fears you have about eliminating things that waste your time.
4. Log your actions for a week and figure out how much of your time is engaged in those activities that make the most difference in your current revenue and future revenue.
Inspiration Corner:
The Law of Increasing Returns: The more you focus on doing the few things that represent the most valuable use of your time, the better you become at those activities and the less time it takes you to accomplish each one.
~ Brian Tracy, Focal Point
Are You Making the Most of the 8020 Rule - To learn more about this author, visit Joan Friedlander's Website.
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80/20 Principle: 20% of everything you do results in 80% of your outcomes. Ouch!
That's a tricky concept, isn't it? Yet, understanding what it means to your business - and your life - is essential to earning what you're worth, and doing so in less time. If only you could understand what that 20% is, and what the heck you're doing with your time.
If you're having difficulty focusing, there's a pretty good chance you don't know what to focus on. I think this is good news. It means that there's nothing wrong; you only need to take a little time to figure out what is truly the best use of your time.
Would you agree that utilizing your unique talents is key to getting what you want from owning and running a business? If so, according to the 80/20 rule you want to spend 80% of your time doing what you do best, love and are great at. Productivity experts recommend that you identify those things that give you the most bang for your buck, and figure out how to spend more of your time on those activities or projects. When you do, several things happen:
- You can work fewer hours in the day;
- Reasonably expect a significant increase in income; and
- Experience greater ongoing personal satisfaction.
When your customers choose your services over your competition's, in addition to the tangible return on investment they expect, they also choose you for your expertise. Behind your expertise is that sparkle you bring to everything you do, which can only be enhanced when you combine your skills with your joy and your purpose. Therefore, focusing on those activities and projects that are good for your business is also good for you! When you get this part down right, you might find yourself saying, "I can't believe I get paid to do this! I'm having so much fun!"
The flip side: Given that there really are only 24 hours in the day, once you determine which projects have the greatest impact on your desired outcomes, you also have to evaluate the bottom 20%. What are you doing that is not ideal and how can you quickly and decisively eliminate those things from your schedule? What are your choices? They're really quite simple: Eliminate, Delegate, Negotiate or Automate.
Two women, both independent photographers who run their businesses from home, reported the following once they became more confident and focused on their priorities.
"I discovered that my busyness comes from my home life, not my work. I found everything has a time and a place; just do things in their time now. I used to say I would have fun after I finished working. The problem was I never finished working. Now I have fun first and work second. I am much happier when I work this way."
"I thought I needed organization. It gave me focus to realize that what makes me happy is most important. It helped me change my views about what was a priority. When I'm at work, I'm my best at work. When I'm at home, I'm my best at home."
Take Action Now:
1. Make a complete list of everything you spend time on now.
2. Identify no more than 5 overarching categories for all of your activities, business and personal.
3. Make note of any beliefs or fears you have about eliminating things that waste your time.
4. Log your actions for a week and figure out how much of your time is engaged in those activities that make the most difference in your current revenue and future revenue.
Inspiration Corner:
The Law of Increasing Returns: The more you focus on doing the few things that represent the most valuable use of your time, the better you become at those activities and the less time it takes you to accomplish each one.
~ Brian Tracy, Focal Point
Are You Making the Most of the 8020 Rule - To learn more about this author, visit Joan Friedlander's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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