The Pareto principle separates the vital few from the many less productive activities.
The principle was named after the highly influential Italian economist Pareto of the late 19th century, who found that 80% of the wealth in Italy was owned by only 20% of Italians.
The 80/20 distribution which has come to be known as the Pareto Principle can be observed in many other areas of life.
20% of technology problems cost 80% of lost time
20% of people make 80% of income in any industry
20% of movies generate 80% of income
20% of workers generate 80% of results
20% of clients account for 80% of revenue
But how can this apply to you and your use of time and how can you use this principle to boost your own productivity?
The trick for you is to identify your 20%.
This is where you exercise CHOICE.
The choices you make in regards to the tasks you spend your time and attention on, will determine whether you are highly productive or just highly busy.
It is critical for you to know on any given day, in any given moment that you are spending your time on worthy activities.
The idea is to avoid the disappointment and despair of working hard all day only to find that you have really not got much done or contributed much to your overall success or work goals.
It is preferable and a more productive endeavor to identify the 20% of activities in your work that contribute to the most value, and then do twice as many of them.
Therefore, instead of juggling your time to accomplish a large number of tasks, identify the highest value tasks and spend more time on them.
This may improve your productivity and increase your income which should allow you to seek paid assistance to help with your low value tasks.
- Ron Malhotra