Simply put, the 80/20 Rule, or Pareto Principle, is the statement that roughly 80% of the effects come from 20% of the causes, but what does this really mean to us as business owners?
The Pareto principle can be applied to almost every aspect of your life.
You could use it for getting housework done.
A student could use it as a strategy for attacking a mountain of homework.
You apply the principal at the office when you have a busy day.
In our case, let’s look at how the 80/20 rule could be used when you’re blogging, vlogging and running your own online business on a day-to-day basis.
Two ways to approach the 80/20 Rule
There are two ways to look at the 80/20 rule:
- 80% of the work you do leads to about 20% of the results
- 20% of the work leads to 80% of the results
Most of us will spend our time doing the first one: 80% of the work for 20% of the results.
What we really should be doing, especially if time is a commodity that you don’t have much of, is to focus on only the top activities that bring in the most results ( the 20% that yields the 80% results).
Looking At What You Do Every Day
The first thing that I started doing was to keep a log (informal log, that is) if all my activities during the day, both work, and pleasure.
At the end of the day, I’d evaluate which ones fell into the 80% and which were in the 20%.
The next day, I would strive to do more of the activities that were in the 20%.
It doesn’t always work, but it’s the first place to start.
Honing the 20%
Once you’ve been focusing on this, it should become a natural question anytime that you’re starting something, to ask yourself “Is this a 20% activity, or one that’s in the 80%?”
More often than not, you’ll find that this falls into the 80%, and there’s something else that falls into the 20% you could do instead.
What To Do With Activities That Fall In To The 80%
So what do you do with the stuff you have to do, but falls into the 80%?
I usually have a notebook with me. You could use your phone. What you essentially want to do is capture all those things that you need to do, but fall into the 80%.
Writing these things down allows you to come back later to review.
I am not saying that the activities that fall in the 80% aren’t important. I am saying that if there is something that you could do that falls into your 20% list, do that first whenever possible.
Save the 80% activities for times when you are in a waiting state for one of your 20% activities
In online business, the times when you could do the 80% list would be times when you’re between blog posts, adding new content, or marketing it. If you have all your posts scheduled, and ready to go, then do the 80% work like checking your email, seeing how much money you made on Amazon today… those kinds of things.
A HiGHly CaFFeiNaTED PeRsON