"Attack" That Which Will Bring You the Greatest Revenue!
Focused Time Management
Q: I enjoy my business and the work I do, but sometimes I feel so alone. I’m sure there are others who think as I do and it’s possible that that they may have faced issues that I have and maybe even have knowledge and solutions from which I can benefit. What’s the best way to connect with these kinds of people?
A: One of the biggest mistakes business owners make, day in and day out, is focusing too much of their time on activities that add little or no value to their lives. Successful people focus on those activities that add great value and help them achieve their goals easier and faster.
To obtain the highest possible return on your time:
- Spend more time on high value activities and less or no time on low value activities.
- Start doing new, highly productive things and/or stop doing old, unproductive things.
- Spend as much time as possible on those activities that are urgent and important
There is a concept called the Pareto’s Principle that applies in this area. Also known as the 80-20 rule, this important principle says 80% of the results you achieve are produced by 20% of your efforts. Another way to look at this is, typically, 20% of your customers will account for 80% of your sales. Twenty percent of your products / services will account for 80% of your revenue, 20% of your marketing initiatives will yield 80% of your marketing results and 20% of your employees will perform 80% of the productive work.
In general, what this teaches you is to identify our highest value activities and resolve to spend more of your time on them. Conversely, delegate or eliminate as many of your lower value activities as possible. Applying the Pareto Principle in this manner will enable you to significantly increase the level of your personal productivity by clarifying your decisions regarding the best use of your time.
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