Mindset Monday: Tips to get your mind right
Perhaps you have heard of the 80/20 Rule or Pareto’s Principle. Vilfredo Pareto, an Italian economist, observed that 80% of Italy’s land was owned by 20% of the people. This principle, that 20% of effort leads to 80% of results, is seen in almost any system or environment.
Here are a few examples from http://www.bsu.edu/libraries/ahafner/awh-th-math-pareto.html:
- 80% of a manager’s interruptions come from the same 20% of the people
- 80% of a problem can be solved by identifying the correct 20% of the issues
- 80% of advertising results come from 20% of your campaign.
- 80% of an equipment budget comes from 20% of the items
- 80% of an instructor’s time is taken up by 20% of the students
- 80% of customer complains are about the same 20% of your projects, products, services.
- 80% of our personal telephone calls are to 20% of the people in our address book
- 80% of our shipments utilize 20% of your inventory.
- 80% of sales time is spent on 20% of the customers, who may not be the profitable 20%
- 80% of the decisions made in meetings come from 20% of the meeting time
- 80% of what we produce is generated during 20% of our working hours
- 80% of your annual sales come from 20% of your sales force
- 80% of your future business comes from 20% of your customers
- 80% of your growth comes from 20% of your products
- 80% of your innovation comes from 20% of your employees or customers
- 80% of your profits come from 20% of your customers
- 80% of your staff headaches come from 20% of our employees
- 80% of your success comes from 20% of your efforts
- 80% of your website traffic comes from 20% of your pages
The Scary Part
Now here comes the scary part: implementing the 80/20 rule.
- Pick an area that you want to dramatically improve: finances, profits, weight loss, writing, etc.
- Track and Measure what you are currently doing in that area
- Look for the patterns of 20% effort leading to 80% result and the 80% effort that is leading to only 20% result
- Scary Part: Cut the 80% that is only leading to 20% result
- Fill that 80% with more of the efforts that were giving the original 80% result
- Continue to track and measure
I think it’s scary because it means we have to change. Just focus on the benefits that you will see if you can improve that area of your life. For us, I know we have to create more original programming. We have been focusing a lot of our effort into that this year and will be releasing new shows shortly.
What areas can you improve? Give it a try because how many chances do you get in life?