|TAPP Time Management Book|
How does the Pareto Principle apply to business?
- You can apply it to Human Resources (HR) via new hire interviewing and by reviewing the similar 20-60-20 rule for employee performance.
- It has been applied to Information Technology (IT) and software development, where reports show 80% of software bugs come from 20% of the code and 80% of help desk calls come from 20% of the user base.
- You can apply it to sales and customer relations since typically 20% of your customers most likely make up 80% of your business. Figure out who those 20% are and really cultivate the relationship for continued business growth.
- It has been applied to time management as work smart not hard by expert Alan Lakein, author of How to Get Control of Your Time and Your Life. He suggests we flip from old style work to better time management by prioritizing to make sure more time is spent working on most important items first and spend less effort on the low-value tasks. You should do this too.