How To Start Performing In The Top 20 Percent of Business Owners Within Your Category
When you think about your industry, are you one of the top operators in your market? If not, take a look at this key concept which has the ability to move your business forward for you as the owner of your business.
We’ve all heard about the 80/20 rule, or The Pareto Principal right? It states that for many outcomes, roughly 80% of consequences come from 20% of the causes.
There are heaps of ways to apply the Pareto Principal to business but let’s first look at the industry that you operate in by taking a look at the image here of the triangle, we’ll call this image The Industry Triangle and it represents who makes money in business
You’ll see one side of the triangle we’re going to have all of the OPERATORS in that industry.
And then on the other side we’re going to have the RESULTS that those operators are able to achieve.
So, by applying the Pareto Principle, it works quite simply like this:
The top 20% of OPERATORS make the 80% of RESULTS, which also means of course that 80% of the operators in that industry get to share in the remaining 20% of the results.
So the question becomes, what do the top 20% of operators do that is so different to everybody else?
And the answer is that the top 20% are doing ON their business tasks, compared to the rest that are more focussed on IN their business tasks
Then the next questions are; What are the Tasks they are doing? How do we define what those tasks are, and how do we ensure that we spend more time doing those tasks?
So, let’s take 80/20 rule and apply it to your Tasks, so we can now call it a Task Triangle.
On this side of the Task Triangle we have the tasks that happen on a DAILY basis and from these daily tasks we achieve our RESULTS.
Now the question is…What are the top 20% of daily tasks that are going to produce 80% of the results in our business, as opposed to the 80% of daily tasks that are only giving us 20% of the results. The easiest way to discover this is to ask yourself the following question:
“Which Tasks contribute the Greatest Value to my business and bring me closer to my long term goals?”
Breaking up your Tasks in terms of that question will pull you closer to your goals.
Of course, get in touch with us for a 15 minute chat on how we can help you become more effective and efficient in your business.
Natalie and Amanda (Taskmeisters)