80% of the outputs result from 20% of the inputs. To increase your productivity and effectiveness, you need to focus on the 20% of high-impact activities, and de-focus on the 80% low-impact activities.
Personal example: Out of more than 120 wholesale customers, a mere 5 were bringing in 95% of the revenue. I was spending 98% of my time chasing the remainder.
More customers is not the goal: Remember, more customers is not automatically more income. More customers is not the goal and often translates into 90% more housekeeping and a paltry 1–3% increase in income. Make no mistake, maximum income from minimal necessary effort (including minimum number of customers) is the primary goal.
Tim Ferris – Author – 4-hour workweek / Tools of Titans / Tribe of Mentors
Top Books on the 80:20 Principle
The 4-Hour Workweek
Authors: Timothy Ferriss,
Since today is all you have for sure, Timothy Ferriss shows you how you can make the most of it. In The 4-Hour Workweek, you will learn how to earn your yearly income in one month, reduce your working hours and find more time for travel and leisure. All of this, without compromising on your performance.
The 80/20 Principle: The Secret to Achieving More with Less
Authors: Richard Koch,
Did you know that 80% of your best work is a result of only 20% of your efforts? Every aspect of your life operates in this way. Koch teaches you how to maximize on this 20% and make better use of your time, resources, and efforts. Richard Koch’s insights are guaranteed to change your life.
The Power Of Less: The Fine Art of Limiting Yourself to the Essential
Authors: Leo Babauta,
Leo Babauta trains you to limit your resources, find your focus and the maximize on what you already have. His practical approaches will make the path to success easier and more realistic. He also shows you how you can achieve goals by breaking them down, become more efficient and increase your productivity.
Other concepts on Productivity
Focus
A flow state (or being in the zone) is the mental state of operation in which a person performing an activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity. This leads to a tremendous boost in productivity and enjoyment, in anything that you do.
Being Busy
People get so tied down in getting things done, that they often lose sight of what it the real outcome (or value) of all the things that they are doing. Being Busy is often a sign of a person who has not prioritized his/her activities and is working on low-value repetitive tasks, with little to show in terms of results. There is no virtue in being busy. What matters are your results.
Batching
Batching is where you gather all similar tasks and do them all at once. By completing them this way, you can maximize your focus on one type of task over a period of time, and therefore greatly increase your productivity on that particular job.
Parkinsons Law
Parkinson’s Law dictates that a task will swell in (perceived) importance and complexity in relation to the time allotted for its completion. Want to complete something in less time, budget less time for it and it will get done.