The 80-20 rule is an economic principle originally used to describe the natural distribution of income and wealth; However, it also happens to be applicable to your productivity. The 80/20 rule for productivity states that 80% of your productivity comes from the top 20% of your activities. These are the things you’re best at.
Here is quick explainer video of the 80-20 rule:
Applied in a startup scenario, the 80/20 rule is a great way to get most out of limited time. Startups cannot afford to experiment as they try to improve weaknesses and juggle it with sustaining stability and profitability. With the numerous limitations of a startup environment, focusing on what you’re best at is your best shot at success. Do you make the best accessories and make eye-catching collaterals for your business but can’t handle a lot of customer interactions? It’d be wise to delegate your efforts on focusing on your strengths and passing on your weaknesses to people who can handle them.
True, you will still need to address areas out of your expertise to improve, but in the meantime consider methods like outsourcing to fill in the skills void. Outsourcing is flexible enough to fit any situation. If you find the right partners, your learning could come from them. There are organizations that not only handles certain business areas for you, they will also be willing to walk you through the whole process so you can identify what you might need to work on in the future.
Quick, do a quick evaluation of your business operation to have a clear assessment of your strengths and weaknesses.
Do you have too much on your plate?
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