First Level Leadership
Increasing Critical Mass of Your Leadership Skills
What the heck is Pareto’s principle?
Pareto was an Italian economist in 1890. In simple words, Pareto’s Principle means:
“A few causes account for most of the effect.”
It is also commonly known as the 80:20 Rule. It has proven its validity in a number of areas.
For example:
80% of success comes from 20 % of your key activities.
80% of your measurable results come from 20% of your TO DO list.
80% of your interruptions come from 20% of your people.
80% of revenue comes from 20% of your clients.
80% of my income goes on 20% of my expenses (rent and education).
80% of your employee problems come from 20% of your employees.
80% of customer complaints come from 20% of your products.
80% of the value of the stock comes from 20% of the items.
The list goes on..... but you understand what I am trying to say. You can apply Pareto’s law to anything and certainly to the importance of time management.
Why do some managers have enough time?
Why do they never seem to be in a rush, irrespective of the responsibilities they assume?
They have learnt to segregate the vital activities from the trivial activities. With practice, they have developed an increased ability to separate the essential from the non-essential. They do not waste time running after trivia.
Pareto’s principle is the secret key to saving time
Whenever you have too much to do in a limited time, apply the Pareto’s Principle. Whenever you are wondering what you can safely delegate, apply the same principle.
Very few people apply this concept successfully
with respect to the importance of time management. Therefore, they don’t manage their tasks effectively and efficiently. They are unable to recognize that not all tasks have the same importance.
It is worth quoting Peter Drucker here, who says,
“Some business people tend to confuse efficiency with effectiveness. Effectiveness is doing the right things; efficiency is doing things right. There is nothing so useless as a supervisor doing, with great efficiency, what he should not have done at all.” Remember: Managing your time effectively is the key to a successful business leadership.
Because -
Most answers to a problem come from small data and these managers look for quality of information rather than quantity.
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