Many of us entrepreneurs go through the same experience. We start our businesses in hopes of growing our company and provide excellent service. We believe that having lots of clients and work will bring in more profits. But we often get stuck and frustrated year after year by the amount of work we have to do and little return to show for it. You constantly feel tired and question yourself if you should continue with your business or not. If your feeling this way, it’s time that you apply the 80/20 rule in your business, also known as Pareto’s Principle.
80% of your results will come from 20% of your efforts. The first time I heard of this principle, I was in total shock on how accurate it was with my situation. I was spending a lot of hours on tasks that consumed my time and they’ve produced little to no return. I decided to study this principle further and took action. It wasn’t long before I started to see results.
Here are some tips on how to do just that:
Spend a week tracking where your spending most of your time. For a full week, keep a log detailing what your spending time on. Try your best to narrow it down to even the small coffee break conversations. Mobile Development company Intersog developed a great app called Schedule Planner. It offers amazing features allowing you to sync with your Google Calendar, Synch to Dropbox and show you different graph views. By the end of the week, you will be able to see where you’re time is going and how you can minimize them.
Clients – Get rid of the 20% of clients that are producing 80% of your headaches. Many times you feel as if you have to keep dealing with clients that just consume your time, or clients that are difficult to deal with. I got excellent news for you; you don’t have to. You goal is to bring value and help your client succeed. It becomes extremely difficult to do that when you have clients that don’t value what you bring to the table.
Social Media Channels – Many companies try to use every single Social Media platform that is available. Adding more work with little to no return. Use the platform that works best for your business. The platform that will allow you to connect and engage with potential customers. You can use great tools such as HootSuite or SproutSocial to schedule your post, and then reply on comments at a specific times during the day.
Distractions – Checking and responding to every single email that comes in can be a huge distraction. View and respond to emails at specific times during the day. You can create an auto responder to let the sender know that you received their email, and will reply back within a time frame. Handling customer complaints and enquiries can also take up a lot of time. Try your best to keep email and phone support to a minimum. I suggest creating a separate email just for support, and create a designated phone extension for all support issues.
Email Campaigns – If you use services such as MailChimp, ConstantContact or iContact to promote your products, you can create a separate email list for the 20% of people who respond to your campaigns. You will be more efficient with your email campaign, and the recipients will most likely respond to your offers.
Remember the 80/20 rule could be applied to anything. Sales, Marketing, Clients, and Personal Relationships. Use this principle to increase productivity and grow your business.