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 80/20 Rule? - To learn more about this author, visit Joan Friedlander's Website.
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Joan Friedlander
(Visit Joan's Website)
Joan Friedlander is the founder of
Lifework Business Partners, a coaching and
training company guiding creative
professionals to design profitable,
well-run businesses. A four pronged
approach offers just the right structure
without squashing creativity: Focus,
Automate, Simplify, Delegate. Visit ww
w.lifeworkpartners.com for programs,
services and products.
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