Paretto’s Principle. Also called the 80/20 rule.
I’m sure you’ve heard of it. 80% of your results come from 20% of what you do. This principle can be applied to many things in life.
As a business owner and consultant how does it apply in yours?
Let’s look at 3 areas that the 80/20 rule has impact:
Clients – 20% of your clients will provide 80% of your consulting income. How are you treating them? The same as all your other clients that only provide 20% of your income? Think about ways you can focus more on your best clients. How you can provide a better experience for them. And how can you get more clients just like them…
Marketing – Make a list of all the marketing you do. 80% of your results will come from only a few things that you’re doing. Maybe just one or two. Would it be wise to cut out all the other stuff and put more money and effort into the 20% giving you the best results?
20% of your clients will provide 80% of your consulting income
Productivity – Each of us has lots of things to do every day. Some of it is necessary, some of it is not. But only a small portion of the time that people spend each day is on work and tasks that really make an impact on the business. Look at everything you do…what work is giving you the most results? Should you spend more time on that and less on the other stuff? Can you outsource some tasks so you can focus more on your most productive tasks?
Success comes from focus.