JFP GROWTH TIPS FOR 2022
What is the best Time Management Technique?
I often ask this question to clients, potential clients and business associates - but seldom do they come up with the right answer.
Common replies include Avoiding Procrastination, using good chunks of time, avoiding “meetingitis” by running meetings effectively through agendas and timely prepared Minutes, delegation, prioritising wisely, “a journey of 1,000 miles starts with one step” and the Pareto Principle / 8-20 rule - see Note 1 below.
For me, the correct answer is having a good strategic plan.
To give you an example, about five years ago I was introduced to a company in the travel industry - they had turnover of circa £3 million with three divisions, one of which was regularly losing £30k per annum. Many of you will know that giving advice often entails listening more than talking - they explained the loss-making division was the division they started with ten years previously and did not have the gumption to close it down. I think all I said was “And ?” - and they replied - “Yes - there is no point in continuing that division - we’ll close it straightaway”
They did so and because they focused on the two other divisions, company net profits quickly improved significantly.
So, the question I ask you is “Do you have or do you need a good strategic plan ?”
Partner, JFP Strategic Planning
Note 1 - the Pareto Principle is named after Vilfredo Pareto, an Italian Economist, who in 1906 found that 80% of Italy’s land was held by 20% of the population. He was rather obsessed with this ratio and consequently founded the 80-20 rule - for example 80% of sales often comes from 20% of the customers and 80% of the value of company stock often comes 20% of the stock items
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