Come mid-June – all going as planned – my beautiful wife, Carla, and I will be first time parents. We’re SUPER excited.
But along with the excitement comes the reality that things will change. The changes will be for the better, but they will be changes nonetheless.
So one thing I’m really focusing on in order to maintain balance between my home life and business is the Pareto Principle – aka the 80/20 Principle. Simply put, it’s the idea that 20% of your effort will yield 80% of the return.
This can be applied to the activities you focus on within your business. 80% of your profits are likely coming from 20% of your activities, clients, programs, marketing, etc.
In my business, the vast majority of my income comes from a single program (the Info Product Weekend) and one marketing activity (joint venture teleseminars).
While I will still be trying new things throughout the year, these are the two activities that I will be focusing most of my time and attention on.
How will YOU apply the 80/20 Principle into your business and life? What are the “20% activities” that utilize your core competencies and passions? What will you do with your spare time after implementing this strategy? I hope it isn’t filling your day with nonsense and activities that aren’t enjoyable and/or profitable.
Take out a pen and paper and start a list of the activities you spend your time on throughout the day, week and month. Now, start eliminating or outsourcing things that you dread doing or can’t be considered revenue generating activities. Odds are, you will wind up with a very long list of “stuff” that’s really just sucking up a lot of your time.
I’d love to know what you are going to eliminate from your business. Let me know in the comment section below. Also, be sure to highlight an activity that you will focus MORE attention on in order to ramp up the profits in your business.
Cheers,
Tom
