Sunday, February 18, 2007

Could the 80:20 Principle apply to your business?

If you are a freelancer or contractor selling your time you may find inspiration in the book by Richard Koch entitled ‘The 80:20 Principle: The secret of achieving more with less’.

I love this book for its mind-expanding qualities. Written in an easy to read style, Richard Koch is both edifying and entertaining. I especially like what he has to say about time. In particular:
  • Time is not the enemy. If we make good use of only 20% of our time, there is no shortage of it. Now doesn’t that take the pressure off? So often we panic in reaction to the ticking clock when we would be better off withdrawing and regrouping and approaching the situation from a stronger position.
  • We should collaborate with time: ‘Insight and value are likely to come from placing ourselves in a comfortable, relaxed and collaborative position towards time’. [p163]
  • We should act less because action drives out thought. It is because we have so much time we squander it.
  • Be eccentric and unconventional with time – you can not conform to everyone’s wishes.
  • Under no circumstances give everyone a fair share of your time. Why should you? Pay the most attention to the activities and clients who comprise the 80% of your profits. AND pay the most attention to the activities that bring you the most pleasure; you only have one life you may as well enjoy it.


Whenever I find myself busy beyond belief it is good to be reminded that most of what I am doing is of low importance in the big scheme of things. However - when faced with one of those moments (or decisions) that are much more valuable than all the rest - it is helpful to be reminded, and encouraged, to ‘do something radical and stop tinkering around the edges’.
I bought this book so I could refer to it whenever I feel I have lost direction or focus and need some sage advice. Though some of his examples may not be relevant in all circumstances, I find the book works as an efficient ‘thought jump starter’ and is highly inspirational. I recommend it.

1 comment:

encourage said...

Love your book!