Do This One Thing to Help Save You Time...

Time is a finite commodity. Once it’s gone, it can never come back. Many of us feel like we don’t have enough time in our day. It always seems like we are behind the 8-ball and can never catch up. The good news is many of our time-crunch issues are self-inflicted and can be resolved rather easily. This will be the first of several posts on time management, since it was one of the hot topics when researching my e-book.

One time saving method I like is the 80/20 rule, or Pareto’s Law. It’s named after Vilfredo Pareto, who was an economist looking for the relationship between inputs and output, particularly which inputs contributed most to a given output. Since then, many businesses have applied his theory to improve their performance. It states that 80% of a business’s profits come from 20% of its customers.

Look at your customer list to determine who makes up the bulk of your revenue. Chances are it’s about 20% of your customers. You should then revisit your relationship with the other 80% and determine if it is worth keeping them on in your current arrangement.

In addition, you can use the inverse to determine who your biggest problem clients are. This means that 20% of your customers cause 80% of your headaches. Simply identify these problem clients, and if they aren’t part of your top 20% revenue producers, cut them loose. It simply isn’t worth the effort.

You can apply this concept to everything you do, whether it’s business, your personal life, even an exercise regimen.

Let me know how this works out for you.