How Mastering The 80/20 Rule Can Save You Time + Make You More Money!
You may have heard of the 80/20 rule.
This rule states that eighty percent of your income will be generated by twenty percent of your actions. For most business owners that means they’re filling their days with tasks that aren’t truly valuable.
The best way to deal with this problem is to find the twenty percent of tasks that are the most important. These are also usually the tasks that makes you the most money! When you know what these tasks are, you’ll be able to make smarter business decisions!
What are Money Making Tasks?
They are the things that make you money. For example, a one on one call or communication with a ready to buy potential client/customer. Another one that’s a bit more indirect would be to work on your next big project. Creating the content and guide for your new challenge or team training won’t make you money today, but it will make a big impact long term!
Starting with the hyper productive tasks sets the tone for your whole work day. When you tackle these first, you will probably find the rest of the day becoming much more productive and profitable! And when life happens, and things don’t go as planned, you know you’ve at least gotten something done that will keep the lights on.
If you don't already, get in the habit of making a daily to-do list. Make sure the list is realistic., then work hard to get everything on the list gets done.
Watch your productivity #levelup! Even if you only have a couple of hours to work on your biz, sitting down and working on tasks that will help you move forward makes a huge difference!
One thing I have learned is that sometimes it helps to only have a limited amount of time to get something done! You’ve probably experienced this yourself. If you have all day to knock out a project, it will take you all day (and then some), but if all you have is an hour before you have to head out to your kid’s baseball game, or drinks with the girls, you buckle down and get it done in under 60 minutes!
You can use this to your advantage by challenging yourself to get things done faster. For example, see if you can finish the blog post by 10:30 am. If you make it ahead of schedule, go grab a cup of coffee and the paper for a well-deserved break. Or move on to the next task and cut out early when everything on your list is done.
Create Routines For Yourself
As you make out your to-do list, you will start to see tasks emerge on a weekly and even daily basis. Use your list and your plan as a guide start creating routines for yourself. Sitting down and writing a blog post or adding 1,000 words to your latest book become easier once they are part of your work routine. And be sure to check for any tasks you are repeating that can be systemized to save you time!
Make writing out the to-do list each evening a part of your routine. Routines help us create habits, and means we don’t have to think about or decide what to work on next. It runs on auto-pilot and we keep working away, making progress day in and day out.
While routines can make our lives easier and help us get more done in less time, they can also become counter-productive.
Review your routines from time to time and make sure everything you do is still the best use of your time. Just because posting to your Facebook page 20 times per day, or pinning 50 new pins is part of your marketing and social media routine doesn’t mean it’s the best use of your time. Review the results you’re getting from your actions and adjust your to-do lists and routines accordingly.
Join us later today in the Members Only Hangout where I'll be sharing how to identify your money making tasks and how to track what's working and what's not!
Knowing these things will help you to create a routine and schedule that helps you work smarter, not harder-- and make more money!