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Do you know that you get 80% of your results from just 20% of your time and effort and consequently 80% of your time is virtually wasted on non-productive activities?
The 80-20 rule was first discovered by Italian economist Vilfredo Pareto (1848-1923). He first observed the 80/20 rule when researching and analyzing wealth and income distribution trends in Europe. He noted that broadly 20% of the people owned 80% of the wealth.
Using this knowledge is incredibly powerful in combating the "not enough hours in the day" mentality of today's society.
The 80-20 rule means that in any area of our lives, literally 80 percent of our fruits are derived from only 20 percent of doing "what matters".
In other words, there is only a very small portion of all that we do each day, regardless of the situation, that brings us the "higher return".
How can you benefit from being aware of this principle?
Implementing a strategy based on the 80-20 rule can result in greater wealth and greater leisure time. We can use it as a reminder to focus on the 20% that makes the most difference.
Just imagine how productive you will be if 80% of your time could be spent on productive activities. You have to realise that the things that matter most should never be at the mercy of activities that matter least.
In workplace productivity, the distribution is noted in the amount of effort we put towards our goals: the first 20% of your time yields 80% of the results.
Here are 5 Steps to use the 80/20 rule to boost workplace productivity:
1) Keep a work log for at least a week
Write down all of your activities and the time spent doing them. While this is time-consuming initially, it is essential you get a true picture of your working week.
2) Analyse your activities
Separate your activities into high priority - those that produce a return or where only you have the skills to do the work - and low priority - activities others can do where the activity can be delegated to support staff.
You will almost certainly find that you are spending most of your time on low-priority activities rather than activities directly providing a return. In almost all businesses, these unproductive activities tend to absorb time at a far greater rate than they should.
3) Delegate non-productive activities
Once you can identify the low priority activities, delegate as many as possible to support staff & providing training where required. If necessary, employ an additional member of staff to take responsibilities - the cost will be more than offset by your improved productivity.
There may be several low priority activities you are tempted to keep. Unless it is unavoidable, don't be tempted and don't get involved in non-productive activities or your productivity will fall.
4) Calculate the time required for any remaining low priority activities
Once you have delegated all that you can, your next step is to calculate how much time you should be spending on the remaining low priority activities to make maximum use of your productive time.
Do not work disproportionately hard at these low priority activities and set aside a specific time each day or week to complete them.
5) Prioritise your remaining activities
Once you have cleared out the activities that do not bring you any return, it is time to turn your attention to the activities in your life that are bringing the most reward.
Prioritise your activities and concentrate most of your time just on a few high-priority activities.
The objective throughout is to maximize your results from the areas of high return and to delegate those activities that have a low return.
Having to spend a disproportionate amount of time on non-productive activities is a major source of stress for many leaders. Delegating these activities will, therefore, have the added benefit of reducing the stress you are under. It is all about doing less work for greater return.
For more success in life, whether that means more money, more time with your family or just making time for golf, you should start implementing the 80-20 rule immediately.
It will help your career as well as your personal life and, as a bonus, following the 80-20 rule day in and day out can make you very wealthy over the long term.