Getting the Most Out of Your Time Using the 80/20 Rule
We all have the same 24 hours in a day. Unfortunately, whether you are Managing Director of a large company or a stay-at-home parent, it can be difficult to make the most out of that time. Prioritizing tasks and organizing a plan can make all the difference. One way to help you focus on the tasks that will yield the greatest results is to use the 80/20 rule.
The 80/20 Rule Explained
The 80/20 rule states that 80% of outcomes come from 20% of the inputs. This means that we can spend 80% of our time on the important tasks that will really have an impact on our results. Pareto’s Principle, as this law is sometimes called, focuses on the most essential actions that lead to the largest proportion of success.
Using the 80/20 Rule to Prioritize
In order to apply the 80/20 rule, it is important to first identify the activities that will give you the most bang for your buck. Start by writing down your goals. Then determine what 20% of activities are the most important to achieve those goals. Put them at the top of your to-do list with the intention of taking action as soon as you possibly can.
Delegation and Automation
When activities that are taking up too much of your time do not contribute to the fundamental 20%, it may be necessary to outsource or automate those tasks. Think carefully about the most effective way of taking care of those activities. It can be valuable to review different services and tools that can help with automation, freeing up your time and enabling you to focus on the areas that will deliver the highest return.
Knowing What to Let Go Of
When tasks are taking up too much of your time, but not producing the highest return, it can be helpful to make a decision to let it go. When you have examined a task to see what value it is delivering, and you have found that it is not producing the desired results, you will have to make the tough call of ceasing the activity. It may feel difficult in the moment, but the results in terms of your time spent will be invaluable.
Putting the 80/20 Rule Into Action
In order to implement the 80/20 rule, it is important to:
Set Goals: Having well-defined goals will help you prioritize the important tasks.
Analyze Your Time: Review how you spend your time by tracking activities every day. Use the data to determine where your time is going, and decide whether those activities are necessarily the most important tasks.
Delegate or Automate: Where appropriate, delegate or automate tasks which do not necessarily contribute to the most important 20%.
Let Go: When a task is taking up too much time without contributing to your results, have the courage to let it go.
By using the 80/20 rule, you can prioritize the activities which will bring you the greatest outcomes and use your time more effectively. Allocating your time and energy to the right activities can make a big difference to the results you achieve.
