Forget the 80/20 Rule – What’s Your Success Ratio?

Greetings,

In the last few weeks, we have heard the good news that a third vaccine candidate for the novel coronavirus has proven to be effective. There is a light at the end of the tunnel, which is good news for the country, economy, and our collective psyche as a global community. Of course, there is still a long way to go, and there may still be obstacles and challenges to overcoming the virus.

I was also reminded today of Pareto’s Principle, often called the “80/20 Rule”, a foundational principle of productivity, as it applies to our lives in many ways, to work, personal life, and everything in between. Although it has been a trendy rule of thumb, it is really a way to help us prioritize our time and energy on the vital few things that help us achieve our goals.

The Covid crisis, like many collective challenges, has affected people in different ways. There are so-called winners and losers from the economic fallout. There may be an imbalance in the vaccine rollout or effectiveness. Pareto’s Principle, when used correctly, gives us a clearer picture of where to focus our time and energy. Some people see the Covid crisis as a risk, while others see it as an opportunity. I am convinced that those who work on their version of the 20% priorities or “vital few” business opportunities presented by the crisis will create some of the next big success stories of tomorrow.

It is indeed great news that a vaccine is on the horizon, and we all have an innate need to go back to “normal.” But the question remains, what is the new normal? And what structural changes are taking place that are being masked by the pandemic? Uncovering these may lead to clues about your next successful job or business venture. We have all had a better chance to take stock of our future directions during the pandemic.

I have seen a marked increase in activity recently from aspiring entrepreneurs shifting their focus to the vital few priorities that will drive their future success. Where is 80% of your time being spent that produces only 20% of your results? Can you recalibrate?

Contact me if you wish to consider making your 20% count.

David

 

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David Busker is the Founder of FranchiseVision and a Franchise Consultant with FranChoice, the premier national network of franchise consultants. David helps candidates exploring franchise ownership to set their criteria and then matches them with the perfect franchise. You can learn more about David at www.franchisevision.com/about.

View the original article on LinkedIn.

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