I love this principle! Maybe it’s because I’m Italian/Sicilian. Or maybe it’s because it’s simple, yet extremely powerful for increasing your productivity.
Even if you’ve heard this before, unless you are consciously using it on a fairly consistent basis, let this be a reminder to keep it top of mind. It’s not what you know, but what you know and use.
Victor Pareto, an Italian economist and sociologist, discovered the Pareto Principle, also known as the “80-20 Rule,” at the turn of the 20th century.
Pareto studied the ownership of land in Italy. He discovered that more than 80 percent of all land was actually owned by less than 20 percent of the people.
He studied other things that people owned and found the same principle held true: 20 percent of the people always ended up with 80 percent or more of whatever he measured.
If you’re in sales, you’ll discover that about 20% of your customers give you 80% of your business.
If you’re a volunteer worker, you’ll discover that about 20% of the volunteers do 80% of the work.
If you’re a manager, you’ll discover that about 20% of your workers give you 80% of your problems and take 80% of the total time spent with all your people.
The principle holds true with time management and productivity in the workplace.
An astonishing revelation is that the opposite is also true: about 80 percent of what you’re currently doing only produces 20 percent of your results. What a colossal waste of time and energy!
Another huge waste of time that impedes the implementation of the Pareto Principle is perfectionism. Instead of practicing the art of getting more things done, practice getting the really important things (the 20%) done well.
You have to ask yourself, “Is this good enough? Do I need to invest any more time into this project? Would my time and energy be better spent elsewhere?”
Look at your list of projects and actions. About 20 percent of those items are producing 80 percent of your results.
Which activities will produce the greatest return on your time invested? Identify your “20-percenters” and then schedule blocks of uninterrupted time in your calendar to focus solely on them.
Revisit and re-implement this principle from time to time. You will be amazed as how much more productive and successful you will become.