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Oct 07: News Stories
The Power of Priorities
There are two things that business people find very challenging: thinking ahead and doing things in order of importance.
Doing these two things makes the difference between success in business and just surviving. And the same is true for all areas of our lives.
All modern leadership development work states that “thinking ahead and prioritising responsibilities marks the major differences between a leader and a follower.”
Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated this says that in most businesses 80% of your business comes from 20% of your customers. Examples of the Pareto Principle:
Reading: 20% of the book contains 80% of the content.
Job: 20% of our work gives us 80% of our satisfaction.
Products: 20% of the products bring in 80% of the profits.
Picnic 20% of the people will eat 80% of the food!
So… when it comes to your priorities, 20 percent of your priorities will give you 80 percent of your production IF you spend your time, energy, money and personnel on the top 20 percent of your priorities.
When you do this you are getting a 400% or fourfold return in productivity. Think what this would mean in your business!
Every business person needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership.
In the area of customers, it is vital to identify the 20 percent who account for 80 percent of your business. These are your “raving fans” and strategies must be put in place to care for them appropriately.
For your team, you must identify the top 20% producers. Spend 80% of your people time with these people to develop them to their full potential.
In leadership, take an honest look at the question “What do I have to do that no one else can do?” Remember a leader can give up everything except final responsibility. You can decide whether you will be reactive or proactive when it comes to the use of your time.
The question is not “Will I be busy?” but “How will I invest my time?” It’s not “Will my diary be full?” but “Who will fill my diary?” It’s not “Will I see people?” but “Who will I see?”
Do this and watch your productivity and personal satisfaction rise to new heights!
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