Discover how following the 80/20 rule can have a direct impact on how you can manage your high-performance teams?
You may probably have already heard about the Pareto Principle, the famous 80/20 rule. If you haven’t then let me briefly explain. Back in 1896 Vilfredo Pareto, was the architect of the 80/20 rule and attributed it to working in real estate. Over the years the rule and principles expanded and several studies into how the rule operated also made the connection that 80% of the results came from 20% of the causes. Let’s use an example relating to sales - we could say that 80% of a company's revenue is generated by 20% of its customers.
You may have started to think about the many other possibilities that could reflect the Pareto rule in your teams now. However, the one which will directly impact your teams is productivity.
As a team player? It’s important to identify which of your activities will accelerate your team’s results and define their priorities. Remember that time is a limited resource, and your ability to maximize its use is by smartly targeting the 20% that will generate the important 80% result.
As a manager? Make sure you have a clear understanding of the goals of your organization. This will help to define which specific tasks you need to focus on to align with those goals. Choose the ones that you need to delegate or drop and define who will be the best person to reach out to considering their abilities. Focus on the 20% high performance first - this way you will be strengthening those relationships.
As a strategic executive? Instead of trying to do the impossible, target the most strategic and important projects that will bring the 80% profit before even considering any new and exciting ones. It is not about being a regressive company, it is about increasing profits in a smarter way.
Remember you can also use the rule for your personal life. Start implementing and adjusting in your favour to improve your own productivity. Share with us how you currently use your time and what 20% that you may do automatically needs readjustments, so we can help you save even more time.