Last year in 2023, I had the privilege of reading an exceptional book recommended by my former boss. He consistently encouraged our team to dedicate time to reading this particular book. Despite numerous attempts to begin reading, I encountered persistent interruptions. However, I resolved to immerse myself in the book without distractions until its completion. I can attest that the experience was truly remarkable.
The 80/20 Principle, also known as the Pareto Principle, states that roughly 80% of our results come from 20% of our efforts. This principle is a powerful tool for efficiency and effectiveness in various aspects of life, including business, time management, and goal setting.
My key takeaways:
1️⃣Focus on the Vital Few: Prioritize the critical 20% of tasks, clients, products, or efforts that yield 80% of the desired outcomes. By identifying and concentrating on these crucial few, you can maximize efficiency and effectiveness.
2️⃣Efficient Time Management: Allocate your time wisely by concentrating on tasks that contribute significantly to your goals. Eliminate or delegate non-essential tasks to free up time for high-impact activities, thereby enhancing productivity.
3️⃣Strategic Decision-Making: Apply the 80/20 lens to decision-making processes. Prioritize decisions that will have the most substantial consequences and avoid getting bogged down by minor details. By focusing on strategic elements, you can make more informed and impactful decisions.
4️⃣Customer Focus: In business, identify and nurture the 20% of customers who contribute the most to your revenue. Tailor products or services to meet the needs of this crucial segment, thereby enhancing customer satisfaction and loyalty.
5️⃣Simplify and Streamline: Simplify processes by eliminating unnecessary steps or complexities. Streamline operations to enhance efficiency, concentrating on the most impactful procedures. By simplifying and streamlining, you can optimize performance and minimize wastage.
6️⃣Goal Setting with Precision: Establish clear, measurable goals aligned with the 20% of your efforts driving the majority of results.
I highly recommend prioritizing reading "The 80/20 Principle" if you have not already done so ✍🏾
Integrated Facility Management Consultant ,Former Vice Chairman of Engineering Affairs at EHCAAN, Former CTO
2moThe issue of unqualified owners acting as top managers in small business facility management companies, they can not recognize the planning importance to be implemented in addition they have not the skills and qualification for planning and risk assessment for example “RCM” The article focuses more on the interpersonal dynamics and succession planning in FM, rather than the operational challenges of small facility management firms.