The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
You may be familiar with the principle in sales and marketing or heard it on various business sites.
But how can you apply it to your business?
Personally, I use it on my to-do list to ensure I am effective in moving towards my goals (which is why some items never get done).
Here are my 3 easy steps:
1. Open a new document and jot down 10 goals
2. Read through the list and ask yourself "If I can only pick one of the goals, which one goal would have the greatest positive impact on my business?" Highlight your choice️ 3. Repeat step 2 selecting the second goal
What you should find is that you have determined the most important 20% of your goals that will help your business, these should be your daily priorities, ensure they are broken down into bitesize tasks so you can work towards those goals each day Do you often feel you have been busy all day but when you review you haven't accomplished much?
I've had too many of those days and it's because of a simple temptation to procrastinate with low-value tasks. I bet you do it too 🤪
Resist the temptation to clear up small things first.
Instead, ask yourself if the task is in the top 20% or the bottom 80%
To develop a good habit, choose to start your day with this 2-minute evaluation instead of the easy or fun low-value tasks that don't serve your business goals.
I leave those for the end of the day when my energy is lower, and I need to start winding down.
Will applying the 80/20 rule to your to-do list help you stay focused?
Want to know more about applying the 80/20 rule to your business?
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