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Chapter 3 - Apply the 80/20 Rule to Everything
“We always have time enough, if we will but use it aright.” (Wolfgang
Von Goethe)
The 80/20 Rule is one of the most helpful of all concepts of time and
life management. It is also called the Pareto Principle after its
founder, the Italian economist Vilfredo Pareto, who first wrote about
it in 1895. Pareto noticed that people in his society seemed to divide
naturally into what he called the "vital few,” the top 20% in terms of
money and influence, and the “trivial many,” the bottom 80%.
He later discovered that virtually all economic activity was subject to
this Pareto Principle as well.
For example, this rule says that 20% of your activities will account for
80% of your results. 20% of your customers will account for 80% of
your sales. 20% of your products or services will account for 80% of
your profits. 20% of your tasks will account for 80% of the value of
what you do, and so on.
This means that if you have a list of ten items to do, two of those
items will turn out to be worth as much or more than the other eight
items put together.
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Here is an interesting discovery. Each of these tasks may take the
same amount of time to accomplish. But one or two of those tasks
will contribute five or ten times the value as any of the others.
Often, one item on a list of ten things that you have to do can be
worth more than all the other nine items put together. This task is
invariably the frog that you should eat first.
Can you guess on which items the average person is most likely to
procrastinate? The sad fact is that most people procrastinate on the
top ten or twenty percent of items that are the most valuable and
important, the “vital few.” They busy themselves instead with the
least important 80%, the "trivial many" that contribute very little to
results.
You often see people who appear to be busy all day long but they
seem to accomplish very little. This is almost always because they are
busy doing things that are of low value while they procrastinate on
the one or two activities that could make a real difference to their
companies and to their careers.
The most valuable tasks you can do each day are often the hardest
and most complex. But the payoff and rewards for completing these
tasks efficiently can be tremendous. For this reason, you must
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adamantly refuse to work on tasks in the bottom 80% while you still
have tasks in the top 20% left to be done.
Before you begin work, always ask yourself, “Is this task in the top
20% of my activities or in the bottom 80%?”
Rule: “Resist the temptation to clear up small things first.”
Remember, whatever you choose to do, over and over, eventually
becomes a habit that is hard to break. If you choose to start your day
on low value tasks, you soon develop the habit of always starting and
working on low value tasks. This is not the kind of habit you want to
develop, or keep.
The hardest part of any important task is getting started on it in the
first place. Once you actually begin work on a valuable task, you
seem to be naturally motivated to continue. There is a part of your
mind that loves to be busy working on significant tasks that can
really make a difference. Your job is to feed this part of your mind
continually.
Just thinking about starting and finishing an important task motivates
you and helps you to overcome procrastination. The fact is that the
amount of time required to complete an important job is often the
same as the time required to do an unimportant job. The difference is
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that you get a tremendous feeling of pride and satisfaction from the
completion of something valuable and significant. However, when
you complete a low value task, using the same amount of time and
energy, you get little or no satisfaction at all.
Time management is really life management, personal management.
It is really taking control over the sequence of events. Time
management is control over what you do next. And you are always
free to choose the task that you will do next. Your ability to choose
between the important and the unimportant is the key determinant of
your success in life and work.
Effective, productive people discipline themselves to start on the
most important task that is before them. They force themselves to eat
that frog, whatever it is. As a result, they accomplish vastly more
than the average person and are much happier as a result. This
should be your way of working as well.
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