It’s commonly said that everyone gets the same 24 hours, and in literal terms, this statement rings true. However, not all time is created equally, and often would-be hopeful leaders of industry are left in the dust as the most effective innovators and entrepreneurs are setting new precedents in business while they’re stuck working out logistical snafus.
How is this possible? If we all are given the same 24 hours, why does it seem like some leaders are thriving while others are stuck untangling messes, and staying stagnant, both in terms of innovation and earnings?
The 80-20 Rule
The appropriately named 80-20 Rule offers insight on how to make the most of those 24 hours, and most if not all executives practice this principle daily to optimize the impact they have on their operations.
The idea is simple– 20% of your effort should produce 80% of your results.
It seems impossible. Mathematically, why would this be?
Think about it in real-life applications. You might have a vast network of friends and acquaintances with hundreds or thousands of contacts. However, you may only invite a handful to intimate gatherings. Despite the number of people and relationships you foster, only 20% bring you 80% of the joy you reap from your social life.
The same thing applies to business. You may pride yourself on being thorough, meticulous, and detail-oriented, but fine-tuning the verbiage of a company memo clearly takes a backseat to review a quarterly expense report, even though they both cost you time. Some activities inherently produce a greater impact on the operation than others.
Put it into Action!
The uncomfortable truth that’s prudent for all hopeful leaders to accept is that some of the day-to-day they’ve grown accustomed to simply is not worth their time, and more effort and focus need to be applied on activities that will translate to a great impact.
It may sound cold to say blowing off certain meetings, delegating some operational aspects, and relinquishing some control on the smaller ticket items, but the cost will be worth it in the long run because your newfound focus will yield greater results overall.
First, you must identify specifically what these low and high priority items are, at which point it will be necessary to increase the time allotted to some while scaling back on others.
Kerrie Hoffman Can Help!
It might take some critical thinking and reflection to come up with what needs more or less attention during your workday, and it may be difficult for you to discern what activities should get your time.
This is where the outside perspective of a qualified executive coach really helps in getting us on track!
Kerrie Hoffman is a FocalPoint coach offering service to the Milwaukee, Waukesha, Racine, and Wauwatosa areas of Wisconsin. She is a bestselling business author and CEO of Hoffman Digital with decades of applicable experience owning and operating her own business.
Contact Kerrie now to find out how she will help you refocus your time and priorities and enjoy greater success today!
