Many time management systems encourage you to waste time. Here's a simple way to spend time more wisely.
When you draw up to-do lists, set schedules, make appointments, and so forth, chances are you're wasting most of your time.
Turn out there's a mathematical law called the Pareto Principle, which says that (in most situations) 80% of the effects come from 20% of the causes.
The most famous example of this is the oft-repeated factoid that in sales groups 80% of the revenue comes from 20% of the team. (There are dozens of other examples, ranging from wealth distribution to damage from natural disasters.)
The Pareto Principle holds sway for most work efforts that aren't purely rote. Most people obtain 80% of their actual results from 20% of their actual effort. If you really think about it, isn't this true for you? It's certainly true for me.
Rethink Your 'To Do' List
Unfortunately, most time management is involves "to do" lists, which tend to treat the 20% of your work that really matters as equal to the 80% of things that don't. Having a simple list of things to do almost forces you to waste time doing stuff that doesn't really count.
That's true even if you prioritize according to importance. Plenty of important things take so much effort that, in the end, they're not worth actually doing.
Here's how to use the Pareto Principle to manage your time more effectively.
When you make a "to do" list, prioritize each item by the amount of effort required (1 to 10, with 1 being the least amount of effort) and the potential positive results (1 to 10, with 10 being the highest impact.)
Create a New Ranking
Now divide the potential results by the amount of effort to get a "priority" ranking. Do the items with the lowest resulting priority number first. Here's a simple example:
Task 1: Write report on trip meeting. Effort=10, Result=2, Priority=5
Task 2: Prepare presentation for marketing. Effort=4, Result=4, Priority=1
Task 3: Call current customer about referral. Effort=1, Result=10, Priority=0.1
See your new priority-based order? You do Task 3 first, Task 2 second, and Task 1 last–if at all.
This simple method ensures that the 20% of your effort that really makes a difference always gets done first. As for the 80% that doesn't really matter, it's automatically postponed, and possibly tabled forever.
I know this all sounds pretty simple; even simplistic. However, I can tell you from my personal experience that there has been nothing–and I mean nothing–that has added to my personal productivity than this kind of prioritization.
GEOFFREY JAMES writes "Sales Source on Inc.com," the world's most-read sales-oriented blog. His new book, Business Without the Bullsh*t, will be published in early 2014. To get weekly blog updates, sign up for his free "Insider" newsletter. @Sales_Source