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This is the feature article in this week’s RealtyBiz Agent Success Newsletter.
I’m headed to the Priorat region of Spain for a week on Friday. Of course, I still have a million things on my to-do list and a million more on would-like-to-do list. As I added yet another thing to the to-do list, I realized this just wasn’t working. Every time I crossed off something, I added two new things to be done. Sound familiar?
After taking a deep breath, I sat back down with my list and started prioritizing. It’s so easy to stress ourselves out with all the day-to-day problems that come up, that we often lose track of our goals. In my case, I needed to finish up a client project, write two newsletters, and pack for my trip. Everything else fell into the “would be nice but could wait” category.
If you also find yourself with the dreaded never-ending to-do list, it may be time to ask yourself, “What do you really want to accomplish?” Setting goals keeps you focused on what truly matters to you. Goals keep you motivated to slog through the daily grind knowing that you are building your business into an asset that will one day work for you.
Ask yourself:
In 1897, the Italian economist, Vilfredo Pareto observed that 80 percent of income in Italy went to 20 percent of the population. While you can argue that the 80/20 principle isn’t exact, it works quite well as a general guideline for business. Roughly 20 percent of your clients will account for 80 percent of your profits. Twenty percent of your daily activities will account for 80 percent of your business’ success. Twenty percent of your inputs produce 80 percent of your outputs. So, if you want to be more productive and grow your business faster, look for the places where you can get the maximum result.
Often, our day is full of things that don’t do much for our business. We might pick up the latest business book, check email, organize our desk, fill out paperwork, surf the internet, chat with co-workers, take calls from family and friends, deal with distractions and interruptions, and so on while only a small chunk of our day is devoted to working with clients or marketing our services – those activities that actually build our business and bring in revenue.
Ask yourself:
Krista,
Great advice about separating things on the to do list based upon their contribution to a person’s eventual goals. Another fun thing to do is to review actions and results completed each day and determine how well they moved a person to their goals. This will be a revealing exercise that will help people focus on your 80/20 rule.
I don’t think people realize how powerful the 80/20 principle is in their business and everyday life. This principle applies to everything, from your customers to your activities, projects, blog posts, marketing strategies, etc.
Thanks for bringing up this subject as it is a great reminder for all us that focus on the 20% is a surefire path to success.
Peter