Why would any right-minded accountant waste 80% of their working week generating just 20% of their profits?
Almost every partner/director/manager of an accountancy firm we work with complains at the sheer number of demands on their time.
They despair about time swiftly slipping through their fingers.
Villfredo Pareto, Italian economist, coined the phrase ‘80/20’ back in 1927 about wealth distribution - 20% of the population controlled 80% of the wealth.
This 80/20 principle states that, for many events, roughly 80% of the effects come from 20% of the causes.
So how can you apply the 80/20 principle to work in your practice on your time, effort and resources?
· Identify the 20% of your time, effort and resources responsible for 80% of your results.
· Then work out how to do more of the 20% high-value work.
Go here to read how you can put this 80/20 imbalance to work for you and your firm so you can achieve more, make more profit, be more successful.