When I asked Richard Branson if he applied the 80/20 Rule for success, he replied: "I’m not a big believer in rules, other than putting people first & having a blast along the way” and I’ve looked at the 80/20 Rule differently ever since...
As the owner of a 3BL company (triple bottom-line) we already place our decision making priorities in the order of people, planet, profits. People come first, then the planet and profits follow, however, most of us forget that last bit Richard mentioned - “…having a blast along the way.”
Let me show you how you can hack the 80/20 rule to not only help you be more profitable and productive, but also to help you have a blast along the way.
The 80/20 rule
In the 1900s Vilfredo Pareto discovered that 80 percent of Italy’s land was owned by 20 percent of its population and the Pareto Principle, what is now often called the 80/20 rule, was born. It’s a notion about distribution that spans all areas of life and nature, and simply put it states that 20 percent of your efforts will yield 80 percent of your results.
Applied to your business, this principle will help you be as productive as you possibly can so you have more time to do the things you really love. Your business is built on small wins and then compounding them. By focusing your efforts on tasks with the largest ROI, you can start building up more wins.
Finding your 20 percent is a simple two-step process. Firstly, you need to break down your goals into smaller ones and focus on them. Secondly, there's a need to reorganize your ‘to do’ list by ROI.
Have a mission
Having a blast along the way often comes from doing what you love and having a mission. Your mission is what makes what you do worthwhile and drives your decision making process. The goal of your mission should be larger than just making money, it’s the reason why you get up in the morning and your contribution to society. Your mission can be helping customers grow their business or to make a difference in your community. For example, at SwipeZilla our mission is to help 10,000 business owners increase their profits and productivity while reducing their carbon footprint to zero emissions.
Your mission is what makes what you do worthwhile, and drives your decision making process. Once you define your mission, share it with others so they can help you achieve it. Think deeply about how you can contribute to society and leave the world a better place than when you got here.
Feel free to share your mission right now in the comment section...
The happiness checklist
Use the 80/20 rule to focus your efforts and have a mission that puts people first so you can be more profitable, productive and you can have a blast along the way.
Here’s my seven point checklist to help you put people first and have a blast along the way.
- Love what you do
- Do what you love
- Put people first
- Remember why you do it
- Define and share your mission
- Focus effort on your top 20 percent
- Remember to have a blast along the way