The Pareto Principle states that 20 percent of your activities will account for 80 percent of your results, however, it is not a hard and fast mathematical law. The 80 20 rule, otherwise known as the Pareto Principle, is one of the most helpful concepts for life and time management. Follow the 80 20 Rule on Your Path to Success.
THE 80 20 PRINCIPLE HOW TO
How to Apply 80 20 Rule to Any Situation.It will be worth it when you start bringing them in. Put all of your focus on those 100 people. Then start targeting them – and don’t stop. Create a list of the top 100 people you want to work with or gain as clients and rank them by level of importance. One example of this is the “Dream 100,” a concept from marketer, consultant and sales powerhouse, Chet Holmes. These specific action items are the real 20% of the 80-20 rule – the things you’ll spend 20% of your time doing that will yield the best results. Then you need to hold yourself accountable to them. You need to create SMART goals : steps you can take that are Specific, Measurable, Achievable, Realistic and anchored within a Time Frame. Priorities are nice, but they’re not enough to get you over the finish line. The top item – the most meaningful – is your first priority. Then prioritize them by how fast they will get you to your goal. Write down five things you could start doing today to help you build the extraordinary life you want – one in which you get to live your purpose every day. As a business leader, you may need to find or create new efficiencies or improve your processes. Maybe you need to save money for that down payment on a home. Now it’s time to get more specific: What’s holding you back from living your purpose, whether in life or in business? Maybe you need to finally take the leap and start your own business. When you apply the 80-20 rule the right way, you start off thinking big – but not for long. It’s the difference you wanted to make in the world.
It’s the reason you started the business in the first place.
In business, your purpose is your company vision. Your purpose could be something like having more time with your family, the freedom to live life on your terms or the money to travel the world.
Every time you make a decision or a change, ask yourself, “Does this serve my purpose?” If you don’t know your purpose, you can’t create goals or take action. Your purpose is the foundation of everything in your life or in your business. How do you cut out all the background noise and zero in on that 20% that’s going to make an extraordinary difference in your life? Follow this equation: Purpose + Priority = Productivity. You can’t use the 80-20 rule to your advantage unless you know what it is you want to focus on. But, “Extraordinary success is sequential, not simultaneous.” How to use the 80-20 rule “The moon is reachable if you prioritize everything and put all of your energy into accomplishing the most important thing,” Keller says. The ONE Thing is all about how to stop the thieves that steal your time and keep you from achieving your dreams. Gary Keller, founder of real estate giant Keller Williams, literally wrote the book on the Pareto principle. When you understand the answer to the question “ What is the 80 20 rule ?,” you’ll understand that high achievers don’t have fewer obligations, more help from others or better luck. Tony says, “One reason so few of us achieve what we truly want is that we never direct our focus we never concentrate our power.” The 80-20 rule is one way of explaining – and overcoming – this very common problem. Why is it that they’re able to do more with their time than the rest of us? Time is the currency of achievement – but some people seem to cash in their time for more achievement than others. Second, the myth of multitasking : When you try to focus on everything at once, you end up not truly focusing on anything at all. First, the myth that everything matters equally – it doesn’t. The 80-20 rule requires you to throw out a few time-honored myths about productivity. This is why the 80-20 rule is usually used in business, but you can also apply it to your personal goals, like finances and spending or even learning a new skill. But it is Joseph Juran, a business theorist, who is credited with popularizing the idea and relating it to business situations during the 1940s. The Pareto principle comes from the mind of Italian economist Vilfredo Pareto, who first introduced it in 1906.
Because so much of your output is determined by a relatively small amount of what you do each day, focusing on the most productive tasks will result in greater output. Also known as the Pareto principle, the 80-20 rule is a timeless maxim that’s all about focus. Put another way, 80% of your outcomes result from just 20% of your inputs. The 80-20 rule is the principle that 20% of what you do results in 80% of your outcomes.
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