Alex Nottingham JD MBA discusses the power of the Pareto Principle in dentistry! Learn how focusing on the vital 20% can yield 80% of your results, boosting productivity, profits, and joy.
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About Alex Nottingham JD MBA
Alex is the CEO and Founder of All-Star Dental Academy®. He is a former Tony Robbins top coach and consultant, having worked with companies upwards of $100 million. His passion is to help others create personal wealth and make a positive impact on the people around them. Alex received his Juris Doctor (JD) and Master of Business Administration (MBA) from Florida International University.
Episode Transcript
Transcript performed by A.I. Please excuse the typos.
00:02
This is Dental All-Stars, where we bring you the best in dentistry on marketing, management, and training. With so much to do, how do we decide which is most important? How do we get the most out of our time and our money? What can an Italian economist in the 1800s tell us about being efficient in our focus? And getting the most out of life, business, and time management? Look no further than the Pareto Principle.
00:32
or the more familiar 80-20 rule. Pareto discovered this power law distribution, known as the Pareto distribution, where 80% of consequences came from 20% of causes. And this Pareto principle can be seen in many areas. And let’s look at some of the common applications of the 80-20 rule, time management. Being busy is not the same as being productive.
01:01
Many of us can overwork and this will hurt our work-life balance. We’re less productive and this could lead to burnout. In terms of productivity, 80% of our results come from just 20% of our efforts. So think about what are the 20% of the tasks that we do that will generate the 80% of the results that we will get from the effort. With the time saved,
01:30
You can devote more of your time and efforts to enriching your life. What about business? When it comes to business, 80% of profits come from 20% of customers and products. So ask yourself, where do your profits come from? What products or services? Where do 80% of your profits originate from? For example, a dentist would think, okay,
01:57
What are the 20% of procedures that I do that generate 80% of my income? And then cut all the others or minimize the others. Another example, what 20% of employees make 80% of the income or impact for your company. For my company All-Star, our coaching and mastermind clients produce 80% of company income. So it makes sense to cater services.
02:27
Here, what about joy management? Step back, see what you value the most and prioritize as such. What 20% of tasks create 80% of your joy? Some activities you get more value from and others are just not worth it. To get maximum benefit in life, consider the 80-20 rule. For example, for me,
02:53
The 20% of time I spend with the people that inspire me yields 80% of my inspiration. The 80-20 rule is a starting point. Sometimes you might see 40% of your efforts create 60% of the results. More often, you will see that 10% of your efforts create 90% of your results. The point of the Pareto principle is effort and results are not equal.
03:22
We clearly get more time, business, and joy and benefit from a handful of smaller activities. For example, the 5% to 10% of precious moments with my family fill 90% to 95% of my heart. So as we go about our personal and professional lives, consider the Pareto Principle, the 80-20 rule. Look.
03:48
for areas to optimize and maximize your time and joy. Consider the 20% or less of efforts in time, business, and joy that make 80% plus of the results in money and in happiness. Thank you for joining me. And remember to like, subscribe, follow, and share with your friends. Until next time, go out there and be an All-Star.
04:14
We hope you enjoyed this episode of Dental All-Stars. Visit us online at allstardentalacademy.com
