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| When you radically change how you think about time and relate to time, your world changes. First, our traditional approach to time, how most of us use time is highly ineffective. Most people feel they don't have enough time, they're stressed, they feel overworked and they crave more time. But actually there's an abundance of time. It's what we do with that time that causes the stress and that's where Advanced Thinking has significant insights. |
| A fundamental element of Advanced Thinking is the 80/20 Principle. The 80/20 principle is a mathematical/scientific discovery that was uncovered by the Italian economist Vilfredo Pareto in the late 19th century. (The 80/20 Principle is sometimes referred to as 'Pareto's Law') Fortunately, we don't need to understand the science behind the principle to appreciate its importance. Like much of Advanced Thinking, the 80/20 Principle has remained a well kept secret to all but a few academics, businesses and computer scientists. But there's no doubt it has the potential to revolutionise your life. |
| The 80/20 Principle states that 80% of results tend to come from 20% of causes. That 80% of results tend to come from 20% of actions. |
| Once you become aware of the 80/20 Principle and look at the world around you, you notice the 80/20 Principle everywhere. |
| As Richard Koch states in his outstanding book 'The 80/20 Principle:' |
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80% of profits in a business tend to come from 20% of customers |
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80% or road accidents are caused by 20% of motorists |
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80% of divorces are caused by 20% of people who get married (and keep re-marrying and divorcing) |
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20% of your clothes will probably be worn 80% of the time |
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20% of your carpets get 80% of the wear |
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80% of the pleasure you get from your friends probably comes from 20% of your friends |
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| Of course you will not always find a direct 80/20 split. Sometimes it's 70/30, it may even be more extreme at 90/10 or even 95/5 but the principle is clear: |
| There's a huge inbalance between actions and results, inputs and outputs, cause and effect. |
| So how does all this relate to you and time? |
| The key principles is this: If around 80% of the results you achieve (in any area of life) come from 20% of your time and efforts, it's highly likely that what you do 80% of the time is at best, highly ineffective - and at worst, a total waste of your time. |
| Our professional lives are an example. If you think about your working week, or the week of someone you know, and list their significant accomplishments across that week - and then break down the specific actions that led to those results, it's likely that 20% or less of their actions and time led to around 80% of the results that actually matter. |
| So if you just 'deleted' the other 80% - the long meetings, conversations, time spent on email, time spent on minor issues and problems - the key achievements in that working week would remain. |
| At this point it's worth re-enforcing the point I've made elsewhere that the implications of Advanced Thinking are radical. When we study excellence, the more extreme the excellence, the more radical the thinking that drives it. Normal thinking leads to normal results. The opposite is also true. |
| Truly embracing the 80/20 Principle involves a radical shift in thinking. We've grown up in a culture where a commitment to hard work and effort is regarded as an important character trait. We've also been conditioned to think that there's an equal relationship between our actions and the results we get. This is a dangerous myth. The culture (and maybe your employer) tells you that if you could just find more hours in the week, you'd be more successful. The idea that you could take 80% of your week and either stop doing it totally or at least delegate it - and still get the same results is counter intuitive - and radical. It's also highly liberating. (Note: My personal view is that working for someone else is nearly always a horrendously ineffective use of time. But it's also the easy option and for many, that ease is important. Just don't confuse ease with security and certainty.) |
| Koch's groundbreaking work on The 80/20 Principle leads to the inevitable conclusion that if we are to embrace the power of this remarkable universal law, tinkering around the edges of what you do with your time is not the answer. What we need is a Time Revolution. If you are willing to take a good look at what you do with your time and be open to radically changing it, the rewards are immense. |
| Here are some specific ways you can start creating that Time Revolution: |
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Seriously consider the possibility that 80% of what you do every day is a complete waste of your time |
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If 20% of your efforts and actions lead to around 80% of your results, what would happen if you doubled the 20%? Your results (productivity, effectiveness, income etc) should double. If this is the case for you, finding a way to double that 20% is one of the most important missions that you can embark on. |
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At the same time that we increase the productive 20%, we want to become obsessive about eliminating the ineffective 80%. Start compiling a list of everything you do that currently contributes to an ineffective use of your time. Become relentless at doing whatever it takes to stop doing these activities. In particular, don't be tight about paying other people to do these activities for you. Most millionaires stop doing the ironing long before they become millionaires! |
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If you run your own business, the 80/20 Principle should drive your life and your thinking. The suggested actions above are linked to large scale profit increases for any effective Entrepreneur. In addition, understanding that 20% of your customers and 20% of your products/services may contribute to 80% or more of your profits has far reaching consequences. |
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Apply the 80/20 Principle to highly sought after experiences such as joy, happiness and fulfilment. Focus like a laser on the (probably small number of) actions that lead to these experiences and do more of them - ideally many more. |
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| For more information on Advanced Thinking and the 80/20 Principle, join Chris Cardell's Free Advanced Thinking updates here. |
