Business Mentor UK: The Power of Priorities

Posted by Editor on June 14, 2011 under Business Coach, Business Coaching, Business Mentor | Be the First to Comment

There are two things that business people find very challenging …

1) Thinking ahead, and …
2) Doing things in order of importance.

Having a good personal business mentor guide you in the “how and why” of focusing on these two things can make all the difference in your results.

Plus, doing these two things makes the difference between success in business and just surviving.

The same is true for all areas of our lives.

Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated this says that in most businesses 80% of your business comes from 20 % of your customers.

Other examples of the Pareto Principle are:

• Reading:  20 percent of the book contains 80 percent of the content.
• Job:  20 percent of our work gives us 80 percent of our satisfaction.
• Products:  20 percent of the products bring in 80 percent of the profits.
• Picnic:  20 percent of the people will eat 80 percent of the food.

So… when it comes to your priorities, 20 percent of your priorities will give you 80 percent of your production IF you spend your time, energy, money and personnel on the top 20 percent of your priorities.

When you do this you are getting a 400% … or a four-fold return in productivity.

Every business person needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership.

So … in the area of customers, it is vital to identify the 20 percent who account for 80 percent of your business.

For your team, you must identify the top 20 percent producers.

Spend 80 percent of your people time with these people to develop them to their full potential.

In leadership, take an honest look at the question, “What do I have to do that no one else can do?”

Remember, a leader can give up everything except final responsibility.

You can decide whether you will be reactive or proactive when it comes to the use of your time.

The question is not, “Will I be busy?” but, “How will I invest my time?”

It’s not, “Will my calendar be full?” but, “Who will fill my calendar?”

It’s not, “Will I see people?” but, “Who will I see?”

Do this and watch your productivity and personal satisfaction rise to new heights!