Life Excellence Newsletter Edition of 3/22/2002
The Pareto Principle
Using the 80/20 Rule to enhance the results you produce at work, and in your personal life.
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Table of Contents:
1. Baby
Steps
2. Feature
Article: The Pareto Principle
3. Quotes
4. Recommended
Resources
5. Self-Care:
10 Tips for More Sound Sleep
6. Make
a Difference: Habitat for Humanity
7. Final
Thoughts: A Smile Costs Nothing
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1. Baby Steps
By noticing the applications of the 80/20 Rule, then acting on such
observations, you will enhance the results you produce at work,
and in your personal life.
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2. Feature Article: THE PARETO PRINCIPLE
Vilfredo Pareto (1848-1923) was an Italian economist who
established what is now known as the Pareto Principle, or the 80/20
Rule. In 1906, Pareto observed that 80% of the land in Italy was
owned by 20% of the population. Later, he discovered that the Pareto
Principle was valid in other parts of his life. While gardening, for
example, Pareto observed that 80% of the peas in his garden were
produced by 20% of the peapods.
The exact values of 80% and 20% are not important. What is
important is to understand is the imbalance. In any situation, there
are usually a few factors whose influence far surpasses the
importance of the other factors. The effect of this imbalance is that
a substantial percent of the results of a given process or system can
be attributed to a much smaller percentage of all the possible causes.
So how does this statistical principle apply to us? The Pareto
Principle is present is many aspect of our lives, both personally,
and in the workplace. By becoming more aware of its presence,
we can use the 80/20 Rule as an analytical tool to increase
effectiveness and productivity.
Here are a few ways to practically apply the 80/20 Rule in your
business:
Business profitability. According to the Pareto Principle, 80% of a
company*s profits are generated by 20% of its customers. By
identifying and ranking customers in order of profitability, you can
then focus your sales efforts on these vital few customers.
Salespeople. About 80% of a company*s revenue will be generated
by the top 20% of its salespeople. This information is quite helpful
in determining compensation, and also in determining the focus of
sales management.
Advertising. Approximately 80% of the results of an ad campaign
will be produced by 20% of the advertising. By focusing on the
effectiveness of ads, a great deal of advertising could be eliminated,
and those funds committed to the advertising that is producing the
desired results.
The 80/20 Rule can be applied to your personal life, as well:
Personal Productivity. 80% of your time is currently spent on
trivial activities. What are the 20% of your activities that are
producing 80% of your results? Focus only on these activities, and
either discontinue or delegate all other activities.
Happiness. What are the 20% of your activities that provide 80%
of your pleasure? Whatever your answer, strive to increase the
frequency of these activities.
Relationships. What activities create the most desired results in your
relationships? Once you identify these activities, shift your focus so
that you are concentrating on these vital few activities.
Health. 80% of your health is produced by 20% of the foods you*re
eating. Try to consume more vegetables, for example, and less fats
and sugars.
The 80/20 Rule can be applied to many areas of your life. What
other examples of the Pareto Principle are showing up for you? By
noticing the applications of this principle, then acting on such
observations, you will enhance the results you produce at work,
and in your personal life.
If the Pareto Principle has shown up for you in a particular area of
your life, please email me. I'd
love to hear from you!
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3. Quotes
There is nothing so useless as doing efficiently that which should
not be done at all.
Peter Drucker
It is not enough to be busy; so are the ants. The question is: What
are we busy about?
Henry David Thoreau
Never mistake motion for action.
Ernest Hemingway
What you can do, or dream you can do, begin it; boldness has
genius, power and magic in it.
Johann von Goethe
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4. Recommended Resources
First Things First
by Stephen R. Covey
If you were to consider three or four things that matter most in your
life, what would they be? Are they receiving the time they really
deserve? First Things First will show you how to improve the quality
of your life by structuring time around what's truly important to you.
To order tape set, click
here
To order book, click
here
The Power of Focus
by Jack Canfield, Mark Victor Hansen and Les Hewitt
This book provides a practical guide for achieving desired results
in the key areas of your life. The action steps at the end of each
chapter make it easy to formulate your plan and then implement
it immediately in your life.
To order book, click
here
The Psychology of Achievement
by Brian Tracy
This remarkable program reveals strategies to elevate your
income, put your career on the fast track and accomplish more
than you ever dreamed possible.
To order tape set, click here
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5. Self-Care: 10 Tips for More Sound Sleep
1. Go bland before bedtime. To fall asleep quickly, avoid caffeine,
nicotine and alcohol for at least four hours before you go to bed.
2. Be predictable. Go to bed around the same time every night, and
try to follow a similar routine.
3. Don't toss and turn. If you can't sleep after 20 minutes, get out
of bed and do something else.
4. Save the bed for sleep. Avoid paying bills, reading the
paper or watching TV in bed.
5. Take a bath. When your body gets ready for sleep, your
temperature drops. A bath may nudge your bedtime biochemistry
along.
6. Exercise early. If you exercise, do it before dinner, not after.
7. Get dark. People usually sleep best in a cool, dark environment.
Invest in heavy drapes if city lights glare outside.
8. Grab a snack. It's hard to sleep hungry, so try a light snack before
bedtime. Some researchers think tryptophan, a chemical found in
milk, naturally induces sleep.
9. Cut naps short. If you have trouble falling asleep, consider
avoiding naps. At the very least, limit them to less than an hour
before mid-afternoon.
10. Deal with stress. If daytime troubles keep you awake, try jotting
notes about ways to deal with them. Leave stress at the bedroom
door, if you can.
Source: "How To Sleep Well."
Stanford University Sleep Disorders Clinic and Laboratory.
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6. Make a Difference
Habitat for Humanity is a program in which donors supply materials
and labor, and recipients put in *sweat equity* for a down payment
on a low-cost home. In 2000, Habitat for Humanity built 18, 468
homes worldwide, bringing its total to 120,000 since 1976.
For more information about this organization, visit its website at
http://www.habitat.org.
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7. Final Thoughts: A Smile Costs Nothing
A smile costs nothing, but gives much. It enriches those who
receive, without making poorer those who give. It takes but a
moment, but the memory of it sometimes lasts forever. None is
so rich or mighty that he can get along without it, and none is so
poor but that he can be made rich by it.
A smile creates happiness in the home, fosters good will in
business, and is the countersign of friendship. It brings rest to the
weary, cheer to the discouraged, sunshine to the sad, and is nature's
best antidote for trouble. Yet it cannot be bought, begged,
borrowed, or stolen, for it is something that is of no value to anyone
until it is given away.
Some people are too tired to give you a smile. Give them one of
yours, as none needs a smile so much as he who has no more to give.
Rabbi Samson Raphael Hirsch
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