(The 80/20 Rule)
In life, a majority of things are not evenly distributed. This can be socially, financially or even just talent that people are born with. In light of this, an Italian man called Vifredo Pareto noticed that 80% of the income in Italy was received by only 20% of the population.
Thinking about this further, Pareto worked out that this concept applies to lots of different aspects in life. In particular, he realised that 80% of the results an individual achieves derives from 20% of their actions. Therefore, the 80/20 rule is also known as the Pareto Principle. Since this was first introduced, the 80/20 rule has become a popular tool used to increase efficiency and productivity.
So, what does this mean?
Over the years, successful people have been proven to use the 80/20 rule. Through focusing most of their energy on the projects or activities that drive the biggest results, they are able to produce greater achievements. This rule can also help people identify what doesn’t work well for them. For instance, you can eliminate activities that take up 80% of your time and energy that are only producing 20% of the results you are achieving.
How do I use it?
Using the 80/20 rule is about learning to prioritise your time. This also includes having the ability to delegate, be assertive, be strategic with planning, and most importantly, to say no. Being able to say no can be tough, but it is necessary for an individual’s productivity and well-being.
For example, focusing your time and energy on less important activities can lead to mental exhaustion. This can cause less efficiency and productivity, which can ultimately develop into burnout.
So now you can ask yourself, what do you do 20% of the time that gives you 80% happiness? What are you doing right now to enhance your 20%?
Some examples include:
- Do 20% of your friends bring you 80% of happiness?
- What 20% of clothes do you wear 80% of the time?
- What do you spend 20% of your income on?
- Does it provide 80% of your happiness?
Ask yourself these questions and figure out if you are using the 80/20 rule to improve your performance, or if you are wasting your 20% of resources. Elite performance requires the maximum output from input, and performance psychology focuses on how to drive this relationship.
Our webinar on the 28th of November will cover strategies in more detail, but in the meantime feel free to ask our team for more information of how to improve your performance in every day life! Get in touch now at firstname.lastname@example.org or (02) 9929 8515 .