Use the Pareto Principle for Your Best Work

Uncategorized Apr 06, 2018
 

What is the Pareto Principle?

If you’ve spent any time in business, you may have heard of the 80/20 rule, also known as the Pareto Principle.

This initially discovered by Italian economist Vilfredo Pareto, who first noticed in 1896 that 80% of Italy’s land was owned by 20% of the population. When he compared this to other countries, he found nearly the same distribution!

This application soon made its way over to business where it was discovered that many situations followed the Pareto Principle.

  • 80% of company’s income comes from 20% of its customers.
  • 80% of a company’s problems comes from a different 20% of its customers.

Use the Pareto Principle for Success!

When you have a deliverable, (whether it’s for a project, a New Year’s resolution, or a change in your life), you’re going to have a timeline. It may be for a boss, a coworker, or even yourself!

Whatever your timeline, set an personal deadline at 80% of the project timeline. For example, if the project deadline is in 10 days, set an internal completion date at 8 days.

Why?

Those extra 2 days allow you to account for the unexpected and to ensure that you do your best work.

When planning any project, you know that despite your best efforts, the unexpected is going to happen. Life will throw you a curve ball.

  • People will get sick.
  • Accidents happen.
  • Miscommunications occur.

By giving yourself a buffer, you guard against those curve balls.

So what happens if no curve balls happen?

Then you get an extra 2 days to review your work! Really look at what you did. Does it match your best effort? Does it meet the expectations you have for your team?

Get extra eyes on it. Get feedback. That way, when you reach the actual deadline, it’ll represent the best you have to offer!

If this served you, please sign up for my newsletter to have tips and videos delivered directly to your inbox!

Until then, Go out and Win your dreams, Today!

Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.