Does your business have:
A business plan?
A 12-month ActionPLAN?
A 90-Day ActionPLAN?
Clear and achievable DIRECTION?
Is the OWNER / CEO working on this or are they working IN the business?
Every business owner wants to achieve maximum productivity, yet most fall into the trap of spending most of their time on the work that matters very little to the growth and profitability of the business.
Too often Business Owners focus on the 80 percent of work that gets them 20 percent of the results, this can be defined as Employee work. This kind of work is necessary but continuing to devote most of your time to it will not move the needle forward as fast as you need it to go in today’s ever-changing marketplace. Instead, it is crucial to pay the most attention to the 20% of work that gives you 80% of the result. This is called OWNER or Leader’s work. Using this approach, you are choosing to focus on the areas of your business that make real, lasting, and impactful differences to your bottom-line.
A business owner is no longer buried under the tedium of minor tasks that don't contribute to increased sales, profits, or revenue To move your business forward faster and more profitably, you must determine where you have leverage.
Studies have found that multi-tasking is really not that productive. The 80/20 rule, also known as The Pareto Principle, is about working smarter, not about doing more work. Learning to delegate tasks the right way enables you as the business owner to focus on the 20% that produces the greatest results.
“What is important is rarely urgent, what is urgent is rarely important.” - Dwight D. Eisenhower
Examples of the 80/20 rule everywhere can be found in all areas of everyday life:
· 20% of criminals commit 80% of all crimes
· 80% of all traffic accidents are caused by 20% of drivers
· 80% of the wealth is owned by 20% of the population in the world.
· 80% of news coverage is based on 20% of events.
And so on…
If we are able to pinpoint the 20% of actions that give us 80% of our results, we can focus all our attention on those areas which will create the most growth in the business.
Think about your client base. Often, businesses put a vast amount of their efforts into capturing and converting new leads. However, if you have a better look and see that 20% of your existing customers generate 80% of your profit, it makes sense to re-align your business plan to focus on this 20%.
By using the above strategy and optimizing the important 20% means you can achieve more by doing less, setting your business up for the success you desire.
- Charlie chambers (ActionCURVE Australia)