To be honest, I only just started to get a grip on it fairly recently, because it's a lot easier to read about than put into practice. Also known as the 80/20 rule or the law of the vital few, it can be little confusing at first, but understanding and implementing it can truly transformative, helping you to better manage your time and get more done with less effort. Who doesn't want that?
An often-cited example of how this works for everyday people is learning the piano or guitar. You study individual notes, keys, time signatures, tempos, chords, rhythms, styles and so much else, including music theory. But when it’s time to jam, you’re probably falling back on a handful of the most common chords—and it sounds fine. In that way, a huge chunk of your actual playing is dependent on just a few small things you've mastered (although you do need that knowledge of keys and styles to make it come together).
How to use the Pareto principle to maximize your results
You can identify ways the general principle manifests in your work. For instance, if you work for a retail company, you might notice a major chunk of profits comes from a small but dedicated group of consistent buyers. It would make sense, then, to focus a majority of your work on appealing to them, or to bringing others into that group—maybe by strategic, data-based advertising. If the majority of would-be consumers ignore your email marketing, don't keep doing what you're doing. Instead, zero in on how you can add more people to that core group, or just go all-in on the core group itself. The real trick to using this principle is figuring out how it applies to your own day-to-day tasks.
Working backward and considering the effects, then identifying their causes, will help you prioritize and get more done, but it can also help you with non-work tasks. In a more abstract sense, a relatively small amount of effort is required to grab a coffee with a friend or help your kid with homework, but the 80% yield might be reenforcing and maintaining a friendship or helping your child feel safe and accomplished, which have longer-lasting impacts than the 30 minutes those tasks take. When you free up your working time through prioritization and an understanding of the Pareto principle, you have more opportunities to spread it around in other areas of your life and keep reaping the benefits.
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