#028 Pareto Principle in Action: Pinpointing Your High Impact Task

Your time is limited.

You want to make sure you're focused on the things that actually make a difference.

You’ve probably heard of Pareto's Law - 80% of your results come from 20% of your actions.

The challenge lies in figuring out which actions make up that 20%.

This week I’m sharing a simple 5 step process to help you identify your most valuable tasks so you can make the most of your limited time and energy.

Step 1: List Your Tasks

Step one is to get everything out on the table. I mean everything. You know you are done when you feel lighter for having finished a colossal brain dump.

When I first did this I went old school with paper a pen. When I was finished I had over 40 items on the the page. Make a list of all the tasks you juggle for your business, life and well-being.

List everything from exercise, work tasks and childcare. The smallest tasks add up, so include everything you can think of.

Don't filter or prioritise yet. That comes later.

Step 2: Choose Primary Outcome and Impact Score

Once you have your task list, it’s time to decide what impact you want to focus on.

What’s the highest priority result you want to achieve?

Are you trying improve your health? Spend more time with your family? Write a book? Or pass an exam?

Every priority requires a different focus, so it’s important to choose your most desired outcome. This is your primary outcome.

Once you’ve defined your primary outcome, it's time to give each task on your list an “Impact Score”.

On a scale of 1 to 10, rate the impact each task has on your primary outcome.

For example, if you have an exam coming up, your primary outcome may be to scrape a pass or pass with flying colours. Tasks within outcome of passing your exam may be reading, mock tests, study groups or listening to lectures.

The impact on passing your exam could be:

Reading - 8; mock tests - 9; study groups - 6; lectures - 3.

Step 3: Identify Time Spent On Each Task

Now, estimate how much time you typically spend on each of your tasks per week.

This will show you whether or not you’re spending your time effectively.

Again, when I first did this I used a paper and pen and logged my time as they day went by. I'd suggest doing this for at least 1 week to get an accurate average.

If you’re like me, you’ll see trends emerge almost immediately.

You’ll uncover tasks where you spend a lot time and get little in return towards your primary outcome, or high-value tasks that you don’t spend enough time on at all.

This is because it's easier to listen to a lecture than to do a mock test, but both make you feel you're spending your time efficiently.

Step 4: Calculate Your Impact-To-Time Ratio

With your impact score and time estimates for each task, it's time to calculate your impact-to-time ratio. Divide the impact score by the time spent on the task.

For example, if your primary outcome is passing your exam, compare the tasks of study groups and mock exams:

• Study group: Impact Score 6 / Time Spent 3 hours = Impact:time ratio of 2
• Mock exams: Impact Score 9 / Time Spent 2 hours = Impact:time ratio of 4.5

Now, it's clear that doing mock exams is 2.25 times more impactful than study groups.

Apply this calculation to all tasks on your list, and you'll have an objective measure of which tasks provide the most value for your time and effort.

Now the nebulous advice of "follow the Pareato Principle" becomes more granular.

Step 5: Prioritise and Focus

The final step is to sort your tasks from highest to lowest value.

If you have 20 tasks, focus on the top 20%, which means the top 4 highest scoring impact to time tasks on your list. Concentrating on these high-impact tasks will ensure you're maximising your time on your most valuable activities.

For the other 80% of tasks, consider eliminating, simplifying, automating, or delegating.

You have to work hard, but also work smart.

Final Thoughts

To maintain your productivity and adapt to life's changing priorities, revisit this exercise frequently.

I do this on a weekly basis. If that sounds like a lot of work, it is.

That's why I automated the entire system to be able to complete these 5 steps in under 1 hour.

If you're ready for me to help you, pick up a copy of my book Work Less, Live More. The advice inside will help anyone, not just doctors.

This simple application of Pareto's Law will help you shed low-value work and focus on the tasks that keep you making progress.

Your anxieties will reduce because you know that you are spending your time well.

That’s all for this week.

Good luck to you.

If you are feeling over-whelmed trying to balance what work and life throws at you, my book Work Less, Live More is available to buy now. 

Click here to create 2 free hours a day.