The 80 - 20 Principle
The 80/20 principle simple states that 20% of the inputs result in 80% of the outputs. This has been shown to be true in nature, the world of business, and just about every process in life. In every day terms, this means that 20% of the work you do accomplishes 80% of what you are trying to accomplish.
To take advantage of this principle you are going to have to take an honest look at your daily activities and determine what is the direct result from each activity or task. The key here is to figure out what activities produce the most income in your day and outsource or eliminate the rest. This will allow you to make more efficient use of your time and allow you to focus on those activities that produce the most income, generating more wealth. The elimination of a task is self explanatory, but what about outsourcing? Just like many corporations have done you to can outsource some of your work. There are virtual assistants at varying rates available locally and abroad. If the activity in question is not producing the income that you demand or expect from your time, it can most likely be outsourced for much lower rate than you make.
This principle can be used in other areas as well. For example you can focus on which sources of revenue are providing the majority of your income. Again the idea is to focus on the sources providing the greatest income. You may also want evaluate the sources of stress in your life. Find the few inputs that are creating the majority of you stress and eliminate or resolve them.
The great thing about the 80/20 principle is that is so simple yet has the ability to make profound changes in the quality of your life. The most difficult part is putting it to use.
I wish you great success in life.
Michael Costa is a successful entrepreneur. He currently coaches people to financial success using the Reverse Funnel System
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