The Power Of Priorities
Let’s talk about priorities. There are common phrases and questions in life such as, “Establish your priorities, what is important to you?” and so on.
Business is no different. Going through the entrepreneurial journey you will find prioritization is one of the key tools that will lead you to success. Like other things in life, prioritization is a work in progress. No one is perfect at prioritization, especially entrepreneurs who are at the beginning of their business journey. Likewise, currently, successful businessmen and women need to focus on how to prioritize tasks to continue their success.
Let’s take a closer look together.
There are two things that business people find very challenging: thinking ahead and doing things in order of importance. Doing these two things makes the difference between a successful business and just surviving. The same is true for all areas of our lives.
Leadership trainer and author John Maxwell says, “Thinking ahead and prioritizing responsibilities marks the major differences between a leader and a follower.”
Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated, in most businesses 80% of your business comes from 20% of your customers.
Other examples of the Pareto Principle are:
- Reading 20% of the book contains 80% of the content.
- Job: 20% of our work gives us 80% of our satisfaction.
- Products: 20% of the products bring in 80% of the profits.
- Picnic: 20% of the people will eat 80% of the food
In summary, 20% of your priorities will give you 80% of your production, only if you spend your time, energy, money and personnel on the top 20% of your priorities. When you do this you are getting a 400%, or fourfold, return in productivity. Think about what this would mean for your business!
Every business person needs to understand the Pareto Principle as it applies to the areas of customers, teams and leadership.
In the area of customers, it is vital to identify the 20% of your customers who account for 80% of your business. These are your “raving fans” and strategies must be put in place to care for them appropriately.
For your team, you must identify the top 20% of employees. They are 80%of the value that is brought into your business.
In leadership, take an honest look at the question “What do I have to do that no one else can do?” Remember a leader can give up everything except final responsibility. You can decide whether you will be reactive or proactive when it comes to the use of your time. The question is not, “Will I be busy?,” but, “How will I invest my time?” It’s not, “Will my calendar be full?,” but, “Who will fill my calendar?,” it’s not, “Will I see people?,” but, “Who will I see?”
Do this and watch your productivity and personal satisfaction rise to new heights!
What are some things today that you can qualify as that 20% of your business which should be prioritized? What are other things that you don’t have to prioritize?
Remember, you don’t have to know everything right now. It is a learning process. However, it is good practice to shift your mindset to prioritize tasks.
If you could use some help in prioritizing tasks and setting a course, give us a call! (832)-371-6642
About the author, Sheles Wallace
Sheles is an award-winning business coach who gets results for her clients.
For over 15 years, she has helped business owners achieve their goals and
take their businesses to the next level. If you're ready to take the next
step in your business evolution and go from an owner who wears all hats to
creating a commercial, profitable enterprise that runs without you, find out
more here: https://meetings.hubspot.com/sheles-wallace
