80/20 rule

The 80/20 rule is one you must know and apply to your life and especially to your business if you want to be successful. If you resist the rule or don’t play by the rule you’ll be in for a lot of extra struggles and frustrations.

The 80/20 Rule means that in anything a few (20%) are vital and many (80%) are trivial. For example, it means 20% of the people own 80% of the wealth, 20% of the defects cause 80% of the problems. Managers know that 20% of the work (the first 10% and the last 10%) consume 80% of your time and resources. You can apply the 80/20 Rule to almost anything and everything, from the science of management to the physical world.

You know 80% of your production comes from 20% of your sales team. You know the other 80% of your sales team will be the ones who want 80% of your time but the reality is you need to give your 80% producers (the 20% of your sales team that produces 80% of your sales) 80% of your time and the 20% producers only 20% of your time.

A great strategy for ensuring you’re able to effectively work with all of the people on your team is to give the top 20% of your team 1 on 1 time and your other 80% of your team group time so that you’re still able to effectively work with them.

Understanding this fact is critical to success with your business. Some people may think well why don’t I just cut the 80% of the team who only produce 20% of the results from the team…well if you did that what would happen is you’d create a new 80/20 scenario within your team again. You cannot get away from the rule…it is like the seasons (as Jim Rohn says) you just know that Summer comes after Spring, you can’t just change the seasons, you just need to learn how to work with them.

I hope this gives you a little clarification and allows you to effectively work with your time and team to make sure you have the most success possible.

Have a Billionaire day!

Matthew Britt
BILLIONAIRE (In Action)
www.billionaireinaction.com