Use the 80/20 Rule to Grow Your Business

The Accountability Minute:Business Acceleration|Productivity

Use the 80/20 Rule to Grow Your Business

If your business is not growing, you need to get a handle on the way you’re running it. Many business owners tend to spend a great amount of time performing unnecessary tasks that contribute little to the growth of their business. The 80/20 rule, otherwise known as the Pareto Principle, teaches that only 20% of your actions should lead to 80% of your results. Get a handle on your business by putting the 80/20 rule into effect and identifying your high payoff tasks.

If you don’t already know this, the Pareto Principles was developed in the early 19th century by Vilfredo Pareto, an Italian economist. The Pareto Principle was used to explain why only 20% of the population was responsible for 80% of the country’s wealth. It was later in the mid-1900s that the theory of the Pareto Principle was modified by Dr. Joseph Duran. When applied to cause and effect, he theorized that 20% of actions (cause) would produce 80% of the end results (effect). Because Duran’s theory expanded on Pareto’s original version of the 80/20 rule, Dr. Duran’s theory soon became known solely as the Pareto Principle.

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Aim for what you want each and every day!

Anne Bachrach

The Accountability Coach™