So the Pareto principle already showed us how much we can accomplish with a little amidst the multitude. The problem is how to identify the little that will give much. We must understand a very salient point here, it’s not all customer that can enhance your profitability, not all your time spent on a project will necessarily bring quality outcome etc. If we can then identify the little (20%) that will give us much productivity or the 80% success rate, then we can invest more on them.
The Work With Pareto Principle
The truth is that, it’s not easy identifying the 20% input, customer etc. as the case may be. It will take a lot of effort. The good thing about this idea of identifying the 20% is that it’s very possible and it can be achieved. There are lots of people using it to improve their businesses and life as a whole. The real question is, why not you as well.
A simple Advice
My very first advice to you is to start keeping records. Yes, records! That’s the first place to start with. The records have to be well detailed. This means that you need to be able to always pay attention to details. One little detail off the record may mean that you will begin the record keeping process all over. Ensure you keep the records in its raw form.
Remember that details no matter how small it may seem may become an important decision making factor later. So, ensure you are keeping the right and absolute record. This may mean you have to work on tools to capture the details. So whether you are looking forward to improving your life or business with the principle, start keeping records.
The next line of action is the analysis of the collected data in the record keeping. process. You need to be able to analyze the data. This will give you an objective view of your activities. With this, you will be able to see what works and what is not working. You can then begin to ask questions and study the data to find the answers.
Things To Note About Pareto Principle
Carefully study out the important factors and the less important ones. From here, you can begin to find the degree of importance of the variables. These are pointers to the 20% factors, customers, input that will give you 80% output, profit etc. Take your time to check carefully and analyze them objectively.
I believe with this, you have enough to get started on the path of being successful in 2019. So the challenge now is to get started. You just have to begin if you actually mean business as regards being successful in 2019. If you have been blessed with this piece, kindly leave a comment in the comment section. Ensure you share this piece with other friends and loved ones.