HOW TO USE THE 80/20 RULE FOR TIME MANAGEMENT?
The 80/20 rule is also known as the Pareto Principle. The concept originated with Italian economist Vilfredo Pareto. He noticed that 80% of the country’s land was owned by just 20 % of the population. This led Pareto to examine this imbalance further and how it related to other areas.
- 80% of sales volume comes from 20% of products in the product line.
- 80% of a company’s revenue comes from 20% of its customers.
- 80% of a company’s production comes from 20% of its employees.
- Hire a maid: If you have a significant other, he or she will thank you. It is easy to find someone who knows how to cook. Easy to find people who know how to clean. They will love you for paying them $10 to $13 an hour to do those jobs. Somebodys praying for that job now.
- Get rid of your $10 an hour stuff: Lets assume you are no longer wasting time vacuuming your own carpets or listening to your own voicemails. You are still hurting yourself if you are obsessed with being "efficient." That is not an 80/20 approach to time. Instead, ask: "What else am I doing that is so menial, it could be cheaply outsourced? What am I doing that I should stop doing altogether?"
- Hire a personal assistant: With some effort, you can hire a perfectly competent person at $8 to $15 per hour and theyll be happy because it is more interesting work than flipping burgers. With this, you will have a professional help to look into your schedule making appointments and helping you to make your timetable for all the important meetings and dinners.
- Dont feel guilty about relaxing: The most productive people are a little lazy your body and mind do need rest once in a while and it is essential to unwind and reconnect with your family and get to know what your friends are You cant be a great strategist when youre hustling from morning til night. Feed your brain instead, so youre sharp when youre negotiating the next sales contract.
- Focus on your most productive time slot: Everybody has a timeslot in their day when they do their finest work. Ernest Hemingway wrote first thing in the morning. Barack Obama is a night owl. (He reportedly even outsources decisions on what to eat and wear.)hence work in the time and environment that suits you best as it will help you to be more productive and more active in decision making.
- Evaluate your task: If 80% of results come from 20% of effort, then it stands to reason that 80% of impact will come from 20% of your tasks. To identify the 20% of your tasks that will yield the 80% of results you seek.
- Is every task on my list labeled as urgent?
- Are the tasks on my list within my purview or do they belong elsewhere?
- Am I spending too much time on certain types of tasks?
- Are there tasks that I should delegate?
- Are all of these tasks really necessary for the overall outcome?
- Continuously assess your goals: Your goals and tasks may be intertwined, but not always. Some might be completely separate. So think about your goals and the activities needed to accomplish them. Remember that 80% of those goals will be achieved with just 20 % of the necessary activities.
- If I work late today (20% activity), I can finish the item on my task list, make the boss happy, AND take tomorrow off (80% goals).
- If I make a salad to eat at my desk for lunch today (20% activity), I can work on that task, beat the deadline, AND get closer to my weight loss goal (80% goals).
- If I schedule regular meetings (20 %activity), I can increase team communication, have a more successful project, AND be a better leader (80% goals).
- Determine your prime time: Everyone has specific times during the day when they are the most productive. You may do your best work between 9 AM and 11 AM. Or you might get more done between 3 PM and 5 PM. When do you feel the most energetic, focused, and productive?
- Eliminate distraction: Whether you travel to the office each day or work from home, distractions are everywhere. Those nasty, little interruptions can cause loss of focus, delayed tasks, and an overall reduction in your productivity.
- Flurries of emails
- Incoming phone calls
- Unplanned visitors
- Thirst or hunger
- Social media notifications
- After you have your list of distractions, review it and see which ones interrupt you the most. You will likely find that only two or three (20%) are the bulk (80%) of the problem.
- Block specific times to work on emails.
- Let non-urgent calls go to voicemail.
- Close your office door.
- Have a drink and snack handy.
- Stay away from social media during work.