Prioritizing Projects: The 80/20 Rule

Imagine you're making a pizza. The 80/20 rule says 80% of the deliciousness comes from 20% of the ingredients (like the cheese and sauce). In other words, a few key things make a big difference!

It's also the case for business, where the 80/20 rule helps you identify the 20% of tasks that create 80% of the results. By focusing on those important few, you get more done without wasting time on less impactful stuff. In this article, we will see how this principle helps prioritize tasks and business efforts.

What is the 80/20 rule?

The 80/20 rule (also known as the Pareto principle) is your secret weapon for achieving more with less stress. In other words, 80% of your results come from just 20% of your efforts which means a few key actions can make a huge difference. There are some general insights came from this rule:

• 20% of a plant contains 80% of the fruit
• 80% of a company’s profits come from 20% of customers
• 80% of your sales come from 20% of your clients.

So, How do you find the super productive 20 percent of your tasks?

Let’s find out.

How to do less but achieve more?

Our brains are wired for limited attention. Multitasking is actually a myth, leading to decreased productivity and increased errors. Studies show that focusing on one task at a time leads to better results and less mental fatigue. Remember, "doing less" doesn't mean being lazy. It's about working smarter, not harder, by:

1. Focus on Efficiency

20% of tasks will account for 80% of project results.

Prioritize on productivity which means you prioritize the magical 20% first. Not all tasks are created equal and time is very important so to get the most impact done, identify which tasks have the most impact on your team and focus on those for the day. So it is suggested to spend your valuable time on high-value tasks.

Remember that feeling of swimming through endless emails, each demanding your attention? Forget the struggle! Let's talk about prioritization and how to shift your project progress by focusing on the high-value tasks that truly matter.

Think of it like building a house: Wouldn't you spend more time laying the foundation (a crucial task) than painting the shutters (nice, but not essential)? The same applies to your projects. Identify the tasks that move the needle the most:

• Unblock the blockers: Are there tasks that, if delayed, could hold your team hostage? Prioritize those first! Imagine a detailed project brief – it empowers your team to hit the ground running, minimizing future roadblocks and review loops.

• Focus on the high-impact: Not all tasks are created equal. Invest your time in activities that deliver significant results for your project's goals. Think presentations, key negotiations, or strategic planning – these are the game-changers.

• Visualize the flow: Rework can be your secret weapon. They help you map out how tasks depend on each other, making it easy to identify the critical path and prioritize accordingly.

2. Prioritize for Impact, Reap the Rewards

20% of projects will bring 80% of business wins.

Ever feel like your team's working overtime on project after project, meeting deadlines like clockwork, but clients still leave with a lukewarm feeling? You're not alone, project manager! This common struggle might have a surprising culprit: project value.

Here's where project value comes in as your secret weapon:

• Shift the focus: Instead of just ticking boxes, ask yourself: "Does this project align with our client's needs and business goals?" Is it solving a real problem, creating value, or just adding another item to the "completed" list?

• Prioritize ruthlessly: Not all projects are created equal. Identify the ones that pack the most punch for your clients, the ones that move the needle and contribute to their success. Ditch the rest (or delegate!).

Measure impact, not just output: Track the real impact of your projects. Did they increase customer satisfaction, boost revenue, or streamline processes? Measuring impact helps you understand your "return on effort" and adjust your approach accordingly.

3. Delegate and Outsource

20% of your efforts will generate 80% of your results.

You might find yourself wearing multiple hats and trying to juggle various tasks. However, not all tasks require your attention. By delegating or outsourcing certain tasks, you can free up your time and focus on the activities that truly matter. Here's how you can do it:

• Identify non-core tasks: Determine which tasks are not directly related to your core skills or expertise. These are the tasks that can be delegated or outsourced without compromising quality.

• Find the right people: Look for individuals or agencies that specialize in the tasks you want to delegate. Depending on your needs, this could include hiring virtual assistants, content writers, editors, or social media managers.

• Communicate is key: Clearly communicate your expectations and requirements to the people you delegate tasks to. Provide them with the necessary resources and guidelines to ensure they can deliver the desired results.

• Regularly review progress: Keep track of the tasks you delegate and regularly review the progress. Provide feedback and guidance as needed to ensure that the work is aligned with your vision.

By delegating and outsourcing non-core tasks, you can focus your energy on the activities that have the greatest impact on your success.

In conclusion

Applying the 80/20 rule to your daily work can be a game-changer for maximizing productivity and achieving success. By identifying the key tasks that have the most impact and focusing your efforts on them, you can streamline your workflow and drive significant results. Remember, achieving more with less is a universal goal.