Remember, 20% of your songs are most likely stronger than the rest!įor everyone else, this applies in the same way to which songs you should be practicing most. If you’re thinking of writing a few songs, pick two out of the 10 ideas you have and work on them. If you’re a songwriter, you might have multiple tunes in your head at one time. This rings especially true when it comes to to figuring out what songs you should be working on. Knowing how to wisely spend the crucial 20% of your time that will produce 80% of your results is the key to taking your musical education to its fullest efficiency. Others may have trouble reading sheet music but are awesome at improvising. Some people are very good with their technique but suffer when performing in front of an audience. The 80/20 principle can also help you determine what you really need to practice. Developing any new skill can be frustrating – especially a musical instrument – and the 80/20 principle will remind you that your hard work pays off.īy utilizing Pareto’s theory, you will become more efficient in your practice and performance and, ultimately, get the most out of the time you spend working. When you’re learning an instrument, the 80/20 principle can be useful by helping you stay focused and inspired. The Pareto Principle, or the 80/20 principle, is the concept that 80% of what a person puts out in any given situation comes from just 20% of what they put in.ĭid you know this same idea applies to music, too? The 80/20 Principle in Music ![]() ![]() For example, many companies state that 80% of their business comes from 20% of their customers. Remember, keeping the 80 percent happy is your bread and butter.Have you ever noticed you tend to gravitate toward the same things in your closet? That’s because people often spend 80% of their time wearing the same 20% of their clothes.This idea is also used often in economics. Each one of those options either directly reduces costs without reducing income by much or has the potential to increase sales without a dime of additional spending. In short, figure out your best sellers, keep them in stock and prominently displayed, and jettison large items that rarely sell. For many businesses, this can often mean less storage space and perhaps more floor space or lower costs in exchange. How much of your space is taken up with stuff that is in that 80 percent of stuff that doesn't sell very well? If you want to maximize the value of your storage space, minimize the space used for the stuff you rarely sell and maximize the space used by the stuff you frequently sell. If you find that you're having storage issues, look at what you're actually storing. Make these purchases simple and convenient for your customers and you'll find that they're happier and happier with your service - and more likely to refer your business to their family and friends.Ĩ0 percent of your storage space is used on only 20 percent of your offerings. Once you've positively identified what your key offerings are, make sure that those products are prominently displayed and available for customers. Worry when you run low on the big sellers and prevent that from happening don't sweat it when you begin to run low on the other items.Ĩ0 percent of your customers are only interested in 20 percent of your offerings. It's far more important to keep the big 20 percent of your products in stock than it is to keep the other 80 percent in stock because 80 percent of your sales come from that small 20 percent. Then, make sure that you maintain a good supply of those products. What products sell consistently for you? Run the numbers and figure out what your best sellers are. Let's look at three ways the 80/20 rule might be applied to make your inventory more efficient.Ĩ0 percent of your sales come from 20 percent of your products. Unsurprisingly, this simple little principle gives great insight into how your business works and also offers some pointers on how to manage your business better. For example, 80 percent of your sales are likely generated by about 20 percent of the items you carry or services you offer. ![]() What is the 80/20 rule? The 80/20 rule, also known as the Pareto principle, simply means that roughly 80 percent of the effects of anything you might be doing come from 20 percent of the causes. In the next few weeks, I'm going to look deeply at the 80/20 rule here on OPEN Forum and attempt to apply it to various aspects of small business practice. Over and over again in life, I've seen it pop up in various contexts, and focusing in on applying that rule has led directly to success.
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