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Pareto’s principle states that 20% of your effort results in 80% of the result. While this ratio isn’t always exact, the general idea is that not everything you spend your time doing is productive, nor will it produce the results you want.
In this video I explain how Pareto’s principle is at work in your business right now and how you can use the simple concept to work less and accomplish more – specifically how you can increase the growth rate of your e-commerce business without sacrificing your work/life balance.
The key really is to shift the 80/20 balance in regards to tactics (day-to-day tasks that you can pay someone to do) versus strategy (the ideas to increase revenue that will grow your business). If you can shift from the typical 80% of time on tactics and 20% of time on strategy to 20% of time on tactics and 80% of time on strategy, then you can quite easily double the growth of your business in 2011.
Stepping back from the day-to-day and asking yourself as a business owner “where do I want to take this business and why?” is also one of the key questions you have to ask if you’re going to use Pareto’s principle to grow.
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