80-20 Rule For Efficiency

Life is not a piece of cake –

it has many ups and downs and requires a lot of courage to keep facing each difficulty with the same vigour, and there is NO TIME. However, what all of us need is to be able to have a dynamic approach to this uncertainty of Life and use it for being more efficient – thereby increasing our level of productivity using the least possible time. Thus, the 80/20 Rule – formulated by Vilfredo Pareto in 1906 and interpreted by many experts around the world to help change our lives. At the first instant the 80/20 rule seems extremely mathematical, so in order to understand its larger implications, let’s delve deeper:-

Understanding the 80/20 Rule:

In simplistic term, 80% of your outcomes depend on merely 20% of your actions. It may sound absurd at first, but if you really think about it you’ll understand that a handful of activities done on a regular basis really define your mood and thus your happiness. As a realistic example consider this, 80% of your business runs successfully due to merely 20% of your clients. There are innumerable instances where we see the importance of this rule. However, let’s focus on how we can use this to increase our efficiency.

While setting goals –

When you list down your goals in life, there is only a handful which are critical to your success. Also, practically it is not possible for you to work on every goal simultaneously. But if you are able to recognize those few which can prove monumental, you are successfully applying the 80/20 rule.

Managing Workload –

No matter where you are working, chances are that you need no introduction to the pressures of mounting workload. We all battle through it. But have you ever wondered why you end up spending the most amount of your time in handling really small-scale activities, resulting in no plausible results? In place of such a practice, if you start using the 80/20 Rule, you may be able to identify the work that shall cut down the maximum workload and produce the greatest positive outcome.

Customer-Evaluation –

Where 80% of your work comes from 20% of your client-base, it gets easier to evaluate the business you are getting from them over a period of time. And in turn, it gets easier to identify how strong that collaboration is and whether it needs a reboot or replacement. When the 80/20 rule is in place, you can make these evaluations more regularly too; ensuring healthy customer relations.

Risk-Assessment –

While taking up a new project, risk must be weighed before you decide to venture in a full-fledged manner. But not every risk is significant. Make a list of the risks that pose the highest threats, and then assign your resources and risk-planning activities to those matters. Once they are attended to, you shall be able to make sound decisions.

To-Dos –

There are many items on our everyday to-do list and god knows we are never able to finish most of those tasks. What needs to change? Identify the activities corresponding to extremely important issues. Instead of wasting time by garnering false satisfaction in doing most tasks on the list resulting in no meaningful accomplishment, bring your focus on those few large ones that need your undivided attention for bringing about credible results.

Setting Priorities –

All of us, irrespective of our jobs, businesses or professions, and in most cases, even students know the cost of not being successfully able to set our priorities. The 80/20 rule forces us to see the ratio of input to output so easily that it can really help us in setting priorities, especially during testing times.
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Conclusion:

In the light of the above, people generally forget that they need to priorities important matters before trivial ones and NOT UNDER ANY CIRCUMSTANCES ignore the small matters at hand. It is just a method of choosing a few crucial activities before the bundle of mundane ones – hence, it does not imply that you let the remaining activities unattended.