Ash Roy

189. Productivity In 2020 — Part 3 — How To Use The 80/20 Rule To Grow Your Business

189. Productivity In 2020 — Part 3 — How To Use The 80/20 Rule To Grow Your Business

Productivity In 2020 — Part 3 — How To Use The 80/20 Rule To Grow Your Business   Links Mentioned: Related Episodes: 175. James Clear On Atomic Habits : An Easy Way To Build Good Habits And Break Bad Ones 187. Productivity In 2020 — Part 1 How To Grow Your Business Effectively And Fast 188. Productivity In 2020 — Part 2 Systems Ash Roy Video Transcript (This transcript has been auto-generated. Artificial Intelligence is still in the process of perfecting itself. There may be some errors in transcription): Ash Roy: 00:01                     Welcome to the third episode in the productivity 2020 series. By the end of this episode, you will learn how to use the 80 20 rule, also known as a Pareto efficiency theory to help you to grow your business profitably and fast. I'll show you one simple way to use the 80 20 rule using just a pen and a paper and that's coming up very shortly. But before we dive into this episode, let's do a quick recap on the first two episodes in this series. In part one we talked about the Eisenhower decision matrix and why it's important to focus on quadrant two activities, the important but not necessarily urgent tasks that appear in your workflow. Why is it important to focus on these quadrant two tasks? Because focusing on these tasks while they're still in quadrant two means that you get to handle them before they get to a crisis situation. Ash Roy: 00:56                     Also known as a quadrant one situation where they are important and urgent. You see quadrant one situations tend to be a huge drain on your resources, so it's best to deal with them while they're still in quadrant two before they are a crisis. Then in part two of the series, which you can check out here, we talked about systems and why they are a classic quadrant two activity. You know, episode 175 I spoke to James clear the author of the book atomic habits and in that conversation, James explained that he felt that habits are the compound interest of personal productivity. Well, I believe systems are the compound interest of business productivity and of helping you to grow your business fast and profitably. I explained that systems are a sequence of processes that may or may not include people and these processes when executed consistently in a particular sequence, produce a predictable outcome every time. Ash Roy: 01:59                     Creating systems allows you to leverage your time and your resources most effectively and helps you to achieve your goal of building a business that's profitable, scalable, and that can work independently of you. How does it do this? It helps you to outsource certain tasks within your business at a lower cost and helps you leverage your time and your resources better while still achieving the same profitable outcomes. Most importantly, by dealing with situations while they're still in a quarter in two scenarios where they're not yet urgent, you minimize the likelihood of a crisis, which is an urgent and important scenario and typically a quarter and one situation is a huge drain on your resources. We talked about how to create standard operating procedures using tools like ScreenFlow or Camtasia, which is a great way to start building systems in your business. Once again, you can check out that second video where I explained all this right here. Ash Roy: 03:00                     Now that brings us to this third part of this productivity 2020 series, which is all about the 80 20 rule and why you should consider using it in your business. So what's the 80 20 rule? Well, in the 19 hundreds Vilfredo Pareto, an Italian economist, discovered that 80% of the peas in his garden came from 20% of the pods. He then started to see this phenomenon in other areas and found that this seems to hold true in mos...

Duration: 14 min

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