The 80/20 Rule: The Magic Wand in Your Entrepreneurial Life.
The 80/20 rule means getting 80% of your earnings from 20% of your customers. Hire help. Refer low-earning jobs to others. Have a personal assistant. Rest is not a waste of time.
Small business owners sometimes waste their time. So while they can earn $ 1000 a day, they'll settle for $ 150. They do not have time to gain customers from dealing with office work, or to do environment. Most entrepreneurs do not know the 80/20 rule either.
The 80/20 rule means getting 80% of your earnings from 20% of your customers.
Entrepreneurs sometimes try to take care of everything alone. So, for example, they can spend half the day cleaning up a virus that infects the computer.
Of course, there is no rule that the entrepreneur does not protect his computer from viruses, and entrepreneurs may have to do everything alone, especially in the first years. That's okay, but the number one task for any entrepreneur is finding and dealing with customers. The main gain is obtained through this mission.
Many promising entrepreneurs are unable to fully realize their potential because of these small "chore" jobs. When someone says time-management, you probably think of to-do lists or timelines or something. However, it is not your constant preoccupation that benefits you.
There is no abnormality in employing personnel in matters such as sales, human resources, public relations, as these should be dealt with by experts in this field. So how about getting help from others for things that aren't your primary duty?
Below, we suggest five tactics as an entrepreneur that will save you from chore and concentrate on your core business. You have to stop wasting time on unnecessary things.
Get an assistant in your work
You can get help from a family member or acquaintance on this matter. It's easy to find someone to cook and clean. So as an entrepreneur, wherever you look for things like cleaning, cooking, laundry, ironing, if you earn 15 hours a week. By referring these jobs to someone else, you can spend more time on your own business. As an entrepreneur you have to do this. This will both work for you and someone else makes money. You shoot two birds with one stone and create employment.
Refer low-earning jobs to others.
If you have started doing housework to someone else, you are off to a good start, but according to the 80/20 principle, you should also divert work that does not bring you good income. Have other people and companies do things that cost you a lot of time.
Have a personal assistant.
If you do good research, you can find a good assistant. Young people who have just graduated from university and are looking for work experience are ideal. This assistant does not have to work with you or in the office. If necessary, you can also hire a virtual assistant. You can only see by experience how much time these assistants save you, who will help you in matters such as bill payment, ticket purchase, e-mail management.
Rest is not a waste of time.
You cannot be productive enough when running between dozens of jobs from morning to night. An entrepreneur working according to the 80/20 rule is someone who can earn a week's earnings with a few hours of hard work. Therefore, give importance to resting your mind and body.
Determine your most productive time period.
Everyone's biological clock is different. Some are productive in the first hours of the morning, while others are productive like 3-4 at night. Therefore, determine your best hours and act accordingly.
If you follow these tactics, you can devote enough time to your most important tasks and get rid of distractions.