Wasted efforts are terrible for the bottom line. According to Richard Koch in his best-seller, “The 80/20 Principle: The Secret to Achieving More with Less,” only 20 percent of the work toward any goal requires your full attention. There are more than 1 million copies of this work in circulation worldwide. The concept has picked up a lot of steam in the business world since the first edition came out in 1998. If you are tired of putting in hard work for little gain, then this reading may just turn the odds in your favor.
This book tells readers how to use what is alternately called the Pareto principle, after an Italian economist, or the 80/20 rule. The author points out many examples in recent history of when the use of this principle has improved both productivity and quality in various markets. He tells the tale of the past century’s “quality movement” in products from cars to office supplies. Citations from multiple corporate handbooks and publications detail the role that the 80/20 rule has played in improving bottom lines behind the scenes for decades. Several chapters focus on how to increase your profits by analyzing separate aspects of your business and strategizing based on this idea.
By determining which areas make up that substantial portion of the job, you can achieve higher results than if you just increase your overall effort. A lot boils down to understanding cause and effect in business. These tips help you to analyze which of your actions are most effective and focus on them. Koch’s 80/20 methods apply in many fields, including marketing, finance, and information technology. These strategies can even help you with daily living by simplifying everyday tasks. This book just may be your ticket to success.