Most people, yourself included, should already know about the 80/20 principle aka Pareto Principle. Whether you’ve done a lot of research on the topic, or only heard of it in passing – you most likely know what it means.
Simply put: 80% of results are due to 20% of efforts AND 20% of results need 80% of efforts.
What that translates to is a project can reach a proof of concept or MVP or prototype stage pretty quickly. The project “completion” (however you define the word) can take years.
What that also means is that just 20% of all your clients bring in 80% of your revenue. 20% of your employees (if you employ a lot of them) do 80% of your valuable work. 20% of your clients also give you 80% of your referrals for new business.
80/20 is everywhere. Just open your eyes to it and you’ll start seeing it.
80% of your new logo/website design and copywriting will be finished in 20% of the time. The rest of the time is spent in pixel-pushing and grammar nazi-ing.
20% of the time you spend on making a PowerPoint presentation or a Proposal is enough to be acceptable. You spend four times that much time in animations and unnecessary details that nobody appreciates or acknowledges.
Use 80/20 to your benefit. Identify your key clients and work harder for them rather than spreading yourself too thin. Identify your best employees and reward them suitably rather than spreading your hard-earned revenue on people who don’t care. Know when to stop spending more time on design and copywriting.
Conserve your energy and time – and focus it on people and projects that matter.