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Think 80/20 – Rich’s Rules for Achievement # 3

July 28, 2015

Rich's Rules TitlecardFor Return on Investment – Think 80/20

If more people and organizations would think 80/20 more regularly, they would achieve more focus, productivity and – most likely – profitability, success and happiness.   It’s easy for individuals and entities to get distracted, lose focus and travel down many tangential paths that take them further away from their goals rather than towards them.

Launching a new product or service just to stay competitive can dilute your vision.  Trying to serve everyone instead of your target market reduces your mission. Taking on more responsibility than you can handle – especially things that are not central to your work or life – can rob your time and diminish your productivity.

There are only so many things that a person or organization can do well and profitably or enjoyably.  Stay focused on those things!

For this reason, Think 80/20 is Rich’s Rule for Achievement #3

Points of Consideration

Recognize the 80/20 Principle in business

If you are in business or run one it’s important to keep the 80/20 Principle in mind.  It shows up in many ways in an organization.  For example, for most businesses, 80 percent of your profits come from 20 percent of your products or services.  It’s highly possible that 80 percent of your profits also come from 20 percent of your customers or that 80 percent of your productivity comes from 20 percent of your workforce.  Look around and see how the 80/20 Principle impacts your business at every turn – and then make the principle work for you.  Focus on and profit from the few rather than realizing diminishing returns from the many.

Consider the 80/20 Principle in professional skills

You have a few – or perhaps one – skill, talent or ability that brings you back the greatest return on your efforts.  Rather than thinking about all the things you could do, why not focus on the one thing you do best and aim to do it even better, or be the best at it, or market your talent more effectively or get hired by the highest bidder?   If your particular skill set is no longer in demand, perhaps you can think of a different way of using what you’ve learned to take your next career step.  It’s not uncommon for professionals to realize a place of diminishing returns with their skill set in today’s world. That’s why, while you’re being focused, you should also be thinking about what skill you can develop or what education or training you may need as a contingency plan for changing times.

Realize the 80/20 Principle in personal enjoyment and self-renewal 

Make a list of the ten things that bring you the most relaxation, enjoyment or renewal in life.  After you’ve made the list, identify the few – 80/20, which would be two out of ten, that bring you the MOST pleasure.  Make it a point to devote more time to those things that are most worthwhile rather than being distracted, bogged down or drained by the ones that reward you less.   80/20 is a great principle by which to manage your life!

More about Rich Drinon Leadership Coaching at: Drinon & Associates

Purchase Part 1 of Rich’s Rules for Leadership – Rich’s Rules for Excellence

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