I am an avid reader, but in stages. Honestly there are periods in which I devour books one after another and periods in which I do not touch any. And today I finished reading “The 80/20 Principle: The Secret To Achieving More With Less”by Richard Koch, which I would like to recommend.
The book is about a concept that, if applied, can change your life and have a strong and significant impact on your online business.
What is the 80/20 Principle?
The principle itself is quite simple and is based on the fact that 80% of your productivity comes from 20% of what you do. This concept was described by an Italian economist named Vilfredo Pareto, who observed that 80% of wealth in England in the 19th century was only enjoyed by 20% of the population.
The interesting part of all this is that this 80/20 ratio can be seen in many other aspects of life. For example, in many companies, 80% of their profit comes from 20% of their products, or that people wear 20% of all their clothes 80% of their time, and so on in many more respects.
I imagine that you are already thinking that this cannot always be the case, and you are absolutely right, it is not intended to be a pure and simple mathematical rule. But the main point of all this is that everything you do does not lead to equal results according to the time you spend on it.
In your online business (and in your life) there are some things that have a huge impact and others that do not. Some even have a negative impact. The interesting thing about this is that sometimes you spend a lot of effort and time on things that are not very useful.
I am going to show you some examples that I am sure you will easily relate.
80/20 Tasks in Online Businesses.
Generation of Content: On the Internet, content is King. People search the Internet for solutions to their problems, and if you have the right content, it can be very beneficial in your online business.
Generation of traffic: If the content is the King, then the traffic is The Queen. Traffic generation is a process that can cost a lot of work, but, if done properly, it makes the difference between a minimum income and an income beyond your dreams.
Monetization: Content and Traffic are two things that come in handy, but having a monetization strategy is essential to take your business to another level. Learning about monetization strategies and putting what you have learned into practice in your online business is of the utmost importance.
The Other Tasks.
There are other tasks that, so to speak, either do not have a great effect on your business or are an absolute waste of your valuable time.
Check the Mail Electronic: This is something very important in online business, but also something that can drain your time in a way you can’t even imagine.
Your favorite social network: Time flies when you are connected to your social network. Get online to dedicate yourself to your business, turn on your chat and you receive a message from a friend “lost” for a long time, or from an associate of your business who has a ton of questions to ask you and you will realize how quickly time passes and also without you knowing what you used it for.
Navigate in Internet: The Internet is a fascinating place, but like the previous two examples, it can become an underperforming habit.
How To Apply The 80/20 Principle In Your Online Business?
Now that you are fully aware that all tasks are not the same, it would be a good idea to make a list of all the activities that you carry out daily in your online business and order them or perform a ranking based on which one produces the greatest benefits for your business. . You may be surprised to find out where your highest productivity comes from.
Once you have identified the 20% of your tasks that produce 80% of your profits, you should dedicate more time to them. By doing this, you can literally accelerate your profits and have a bigger and better business online. These are the tasks that will help you grow your business.
On the other side of the coin, you have to determine all those tasks that have the opposite effect on your online business. What are the things that take up that 80% of your time but only contribute 20% to your results? These are the tasks in which you should spend much less time (including outsourcing them) or stop doing them right now.
If there was a “Third side of the coin”It would be the following: 80% of your headaches would be caused by 20% of your customers, habits, etc. REMOVE THEM! It sure sounds harsh, I know. However, you need to ask yourself the following question “Is it worth the headache?” If so, then it is something you will have to deal with, if it is not worth it you will have to get rid of all those things.
By making these changes, I can assure you that you will be surprised by the changes that will occur in your online business. You will have much more time and you will be more productive.
How are you occupying your time? Are the tasks you perform really producing benefits in your business? … Leave me your opinion.