Today, I visit the Pareto principle, also called the 80/20 rule. It applies to almost everything we do – just take a look around you.
Here I give some suggestions to use it in your favour – a success secret that has worked really well for me. You will develop a laser focus and optimize your results and business success.
Here are some other examples: 80% of of the money in a system or country is in the hands of 20% of the population (hint – become one of the 20%!), 80% of central London is owned by 20% of the landowners (actually, its a lot tighter than that). Out of all the foods available to you, we eat 20 % of varieties 80% of the time……. see where this is going? Now here are more relevant ones: 80% of complaints will come from 20% of your database and 20% of your sales and marketing force will produce 80% of your sales.
When you know this, how do you use it in your favour? Well, as I mentioned, you can use it to focus on your really important clients, meetings, articles, sales personnel, books to read, grocery list to remember and so on.
If 80% of your sales will come from 20% of your products – yikes!!! – what a waste of energy holding on to the majority of your products. Pay more attention to the top 20% and you will have more free time, and still make a very good living.
You now know that it is a small percentage of anything that gives you the biggest bang for your buck , or your biggest headache! – if you get to the rest, fine; but why not put most of your effort into the top 20% and see your efforts rewarded without overstretching yourself & trying to do it all, in search of “perfect”, which is highly overrated in my opinion, as I have already shared. It will also provide objective evidence to get rid of unprofitable products and processes.
I particularly like using it for my wardrobe – I trim it every so often and give away what I do not use enough to justify the space in my closet. Someone else will get good use out of it.
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Thanks – and please leave some more comments and suggestions.
I appreciate you!