At the beginning of the day, people prioritize their tasks and create a to-do list in small chunks. Nevertheless, how do you identify the right thing to do first? The correct technique or rule of thumb can be a turning point if you are looking for a way that boosts productivity throughout the day and helps you prioritize your highest impact task. You should adopt the Pareto principle, also known as the 80/20 rule.
What is the Pareto principle?
The Pareto principle explains that 80% of the results are driven by 20% of the effort. In other words, 20% of the causes or factors produce 80% of the output. The concept is applied in most situations or circumstances; hence, the proven principle is used in many areas, including businesses, management, and finance.
Pareto principle is also known as;
- 80\20 rule
- Law of the vital few
- Principle of factor sparsity
Example of the Pareto principle:
- 20% of employees are responsible for 80% of the organization’s performance.
- 20% of people account for about 80% of the world’s wealth.
How to use the 80 20 rule to work less and achieve more
Many people seem busy all day, but they achieve very little at the end of the day. Because they are busy working on low-value tasks, this framework will help as a mechanism to determine which task will bring 80% of the outcome and neglect the other 20% of less value activity. Invest time and energy, focusing on what is essential to do.
Use the 80/20 rule at work to supercharge productivity. The rule may apply to almost every industry if most success comes from 20% of input. It is time to stop wasting on the other 80%.
The Pareto principle helps you focus on the most critical task or challenges that will generate high-impact results in a life that brings happiness and joy. Use the 80/20 rule and adopt this mindset to invest your time focusing on the right things.
How Can you apply the Pareto principle in time management?
Most executive-level managers, business owners, entrepreneurs, and self-employed individuals feel overwhelmed because they have to work excessive hours and cannot get the expected results.
This attitude creates a sophisticated work-life balance that decreases productivity, procrastination on the goal that sounds important, and an unhealthy life.
Using the 80/20 principle will give you more time for your mental and physical health, calmness, personal improvement, and relationship building. Devote time and energy to what brings the greatest happiness and joy in life.
If you learn How to use the principle wisely, this framework can play a vital role in time management. You can apply it both in your personal and professional life.
For example, if 20 percent of your efforts bring 80% of your output, you should consider prioritizing those specific tasks, which gives you a high potential.
Reduce the time that does not produce valuable results or happiness, and expend time on the higher results projects. Think about transferring or discarding the 80% of tasks that only bring 20% of your result and start putting your focus in the right place.
Start your every single day by choosing high-value tasks. Soon, you will develop the habit of always starting work with high-value tasks.
Advantages of the Pareto principle
- Increase productivity.
- You are well aware of your priorities.
- Time management.
- Better decision-making.
- Create maximum return with the least amount of input
Disadvantages of using the 80/20 rule
- Focuses on past data.
- Mistake in scoring number.
- It only covers past data.
- Challenging in keeping the right balance of the 80/20 rule.
A Pareto principle is a helpful tool for increasing productivity, improving efficiency, and working smart that leads towards your desired goal. You can apply 80 20 rule in almost every aspect of your life. The Pareto principle focuses on 20 percent of the most valuable tasks that help in achieving 80 percent of the success.