If you’ve worked in the business world long enough, you’ve probably heard of the 80 / 20 rule. Without going into detailed specifics of the origin of this concept (look it up – it’s interesting) I’ll attempt to tackle it from a high level and show you how it applies to your life and your business.
Basically, the 80 / 20 says that 80% of the work is done by 20% of the people. Or that 80% of your work is done within just 20% of your time. The opposite is also true – 80% of people do 20% of the work or 80% of your time is allocated to just 20% of your work.
Interesting huh? Now think about how this applies to your employer or the company you own. You’ve probably noticed here and there that many people are actually doing…nothing. Many companies are led by a small subset of people who do the majority of the work while the rest of the workplace just meanders along, collecting a paycheck and embracing complacency.
Plan To Financial Prosperity
The time application is fascinating as well. Personally I know that the majority of my day involves putting out fires, answering questions for my team, or all around talking to people about the daily activities of the business. What does that mean? Well that 80% of your time is spent doing unproductive things and production is actually kept within a small subset of time.
So next time YOU have some time, take a look at the 80 / 20 rule and see how it applies to your life. How can you use it to your advantage? Where is it disadvantageous? Knowing the landscape of your workplace and time can help you better plan & execute your plan to financial prosperity.