I'm shopping for a new planner. I had one that I LOVE but they are no longer offering it. While in the search process, I got side tracked (go figure). I stumbled across different theories for time management, and anyone who knows me, knows I struggle with this constantly so my curiosity was peaked.
The theory that caught the most of my attention is "Pareto's Principle" also called the 80/20 Rule. In a nutshell,
"The 80/20 Rule means that in any instance a few (20 percent) are vital and many (80 percent) are trivial." The more I read the more intrigued I became and I started to look at how it applies to my life and business.
Looking at any day, I quickly determined that approximately 20 percent of my day is dedicated to the things that matter for that day. Many times the other 80 percent could be pushed off to another day and aren't vital to mine or my family's well being. Instead of feeling pressured to get it all done NOW, I am looking at what could be either delegated to another family member or put on the back burner. I'm hoping to have less stress and more time to just enjoy the gifts I've been given.
In applying it to my business, it gets a little trickier. I analyzed my inventory and determined that yes the majority of my sales were from 20 percent of my designs. Which brings up the questions: Should I quit making the other 80 percent and specialize? If I do that will my shop become stagnant because I'm not producing new designs? The more I researched the more I decided that I shouldn't stop making the other 80 percent. The other 80 percent are necessary for helping to build SEO to my site, they keep my creativity fresh and make me happy. What is does show me though is where to focus the most of my attention. I need to increase my inventory and offerings in Keepsake Boxes and Ornaments and maintain my current inventory on the other categories at a lower level. It also shows me that I need to limit the inventory on new releases until they are a proven product, no more making 20 of one item to see what kind of reception they receive. Maybe six of a new design is a better number. If four of the six fly out of my inventory, then I better get cracking.
Now that I know where to apply my focus, my next couple months in the studio will be spent rebuilding my inventory and adding to the proven lines. That way when Art and I are done with research and development I can focus on a new line for a couple months before our busy time starts. We are in the form and clay development stage right now and I can't wait to show you.
Now back to my planner search....
