Prophets of Profit
Have you ever pondered on the prophets of profit?
Today, let’s explore ‘three prophets’ who, conceivably, could help your profitability factor.
Let’s consider these three:
- Pareto and his 80/20 Principle
- Parkinson and his Parkinson’s Law
- William of Occam and his Occam’s Razor
Pareto gave us his 80/20 principle which states that 80% of the effects obtained, come from just 20% of the causes. This is very useful in determining where to focus our time in business and which segment of clients will produce the greatest revenue and profit.
Parkinson created Parkinson’s Law, which says “work expands to fill the time available for its completion.” Understanding this law will save tons of time. Think of it this way: if you have a task that will take about two hours to complete, but you have a week before it is needed, it will likely take you a week to complete it. Most people will often wait until the last minute to start it!
Finally, let’s consider William of Occam, the author of Occam’s Razor. This rule tells us that when there are several choices for doing something, the simpler way is often the best way. It is called a razor because the directive is to ‘shave it down’ to the minimum or to its bare bones.
These wise old prophets can save us a ton of wasted time and effort. Use them in harmony and you will find yourself making more money in less time! Additionally (and perhaps the best part), you’ll find yourself having more fun doing it!
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