Can You Apply the 80/20 Rule to Make More Money?
- Author Mitzie Engstrom
- Published September 29, 2010
- Word count 439
Can You Apply the 80/20 Rule to Make More Money? So you have heard about the Pareto Principle, or the 80/20 Rule and had no idea how it could help your business.
The 80/20 rule, also known as the Pareto principle explains that 20% of the causes come from roughly 80% of the effects. This principle was named after Vilfredo Pareto, an Italian economist. He observed in 1906 that 80% of the land in Italy was owned by 20% of the population and that 20% of the pea pods in his garden contained 80% of the peas. It is a common rule of thumb in business that 80% of your sales come from 20% of your clients. He observed the distribution of wealth among the population and that's how he came about both concepts.
The 80/20 principle has proven in business and economics that the majority of results come from a small minority of causes or effort. It does not mean, though, that the 80/20 numbers are accurate; It could be 90/5 or 70/30.
This is a very powerful rule that should not only be used in business, but in life. You should learn to focus your attention on the "vital minority" in order to live the 80/20 lifestyle so that you can accomplish more with less!
You have heard it before; great reward comes from serious effort. The problem is that the advice is good and it works, but most don't get into the right habits. I know because I have experienced it! Have you?
Do you want to discover a way to do less and get more? More love, success and wealth? It would be great, right?
The thing is that, there IS actually a program!
The 80/20 RULE!
20% of products or customers generate 80% of our profits; we contact 20% of our friends, 80% of the time. And so on?
In order to improve their position, businesses know that they can improve their profits enormously by concentrating on the key 20% of activities.
People should do the same thing in their lives!
We can make our lives extremely better by doing less! But you need to do less of the things that do not work well for you; the activities that will generate you the most money and will be, for your business, most effective! Not busy work!
Just think like this: If you had a gun pointed to your head and had to stop doing 4/5 of different time consuming activities, what would you remove? What are the most important activities that will bring you money?
If you start applying this line of thought to your life, your life will completely change! And you will have a whole lot more time! And a whole lot more free time!
Mitzie Engstrom has already made all the mistakes and done all the research and put together a system. If you want to find out more about the system, go tohttp://budurl.com/MitzieEngstrom1 If you want to make an extra income with her, then go http://budurl.com/MitzieEngstrom2
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