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Are you constantly battling against time, thinking that you do not have enough time to complete all your task?
Today I'll be sharing with you on the 80/20 Pareto Rule, founded by the Italian Economist Vilfredo Pareto who first wrote about it in 1895. He observed that the people in his society seemed to divide naturally into 80/20. The top 20% (vital few) in terms of money and influence and the bottom 80% (trivial many). This rule also applies to all of the economic activities around.
To summarise this rule:
20% of your activities will account for 80% of your results.
20% of your customers will account for 80% of your sales
20% of your products or services will account for 80% of your profits
20% of your task will account for 80% of the value of what you do
and so on...
If you are looking at your to-do list of 10 items, 2 of those items will turn out to be worth as much or more than the other 8 items put together. This brings us to the comparison of number of tasks versus the importance of tasks. My list of tasks is endless and I'm constantly struggling to check off all the things in my to-do list. Many times I am focusing on the number of tasks but how many times have we focused on the importance of tasks? Going back to our 80/20 Pareto Rule, the time needed to accomplish the tasks in your list may be the same but you realised that one or two of those tasks will actually contribute five or ten times the value as any of the others and no doubt this is the task that you need to strike it off first.
Truth is average people tend to procrastinate on the top 20% of task that are the most valuable and important. On the other hand, they get too caught up with the least important 80% of tasks that contribute very little to results. Do you find yourself too caught up with things that doesn't bring you satisfaction or even tasks that draw you away from your goals and dreams?
In the past, i was constantly busy all day doing every other thing. In the eyes of my friends and peers, I seemed to be accomplished and fulfilled but deep down inside I know I'm not because the things I do are low value to me. I struggled with my 20%, I was unhappy and drained out and always questioning myself on the time I have lost. It was only until a later date where I start to weigh the importance of individual tasks and choose to put my focus on my 20%, and that includes starting a podcast and starting writing articles.
Before you embark on your tasks today, ask yourself if the task is at the top of the 20% or at the bottom 80%?
Tasks are always incoming, time is always limited so be wise when choosing your tasks today.