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Post by patiencedaigle on May 10, 2014 21:53:18 GMT -6
The most valuable information from this video is the explanation of the 80/20 rule. If a business owner does not know which products they are spending the most time or money on, it is going to be hard for them to measure and generate more profit. This rule is also great to help business owners reassess where to spend their time and money to increase their efficiency and profit.
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Post by xingboma on May 11, 2014 0:09:40 GMT -6
There are many practices a company of any size can make to allow them to be more effective, while increasing profits and lowering costs through increased productivity. Also, an employee can improve themselves by following several mantras during their work week.
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Post by jessweaver on May 11, 2014 20:32:59 GMT -6
This video talks about something that have increasingly become a problem in today's business world. And that is that most people are being very unproductive at work. However, I do not know if unproductive is the right word. The video says that most of time, people at work are putting wasted efforts to tasks that are not going to generate profit. Tim suggests that we should focus more of our time on the "20%" of work that is going to bring in "80%" of the profit. I think that after a while, people get bored at work, you just cannot help it. Employees should be encouraged to be as productive as possible for that 20% of the day.
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Post by stephaniesmith on May 11, 2014 22:11:23 GMT -6
There is one section of this interview that I find most important over everything else especially for someone who works for someone else in an organization. Performance measures within an organization do not effectively measure output and can cost an employee recognition or even a pay raise. He says that we should have measures in place to demonstrate our own achievements and how our performance contributes to the company's profits and I couldn't agree more. So many times an employee is unfairly evaluated or under appreciated. And it may seem like you are keeping score but that is what is necessary for a fair evaluation. I wish I had this advice for previous employment experiences.
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Post by kierras91 on May 11, 2014 23:24:39 GMT -6
I think business should learn how to value their time better like what the guy stated about the 80-20 rule. Most business just worry more about how much profit they can get out in a curtain time but need to understand if they would open through the day they would spend less time trying to rush out the next morning.
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Post by paigecrawford on May 12, 2014 10:48:26 GMT -6
Identify what gives you the most profit out of services and products. Then identify what is taking up most of your time but not producing money. Then you can try to eliminate them, automate them or delegate them. I believe this concept is very important. If you eliminate waste then you are making more time for productivity, the more productivity you have, the more profit you turn. I will evaluate my specific job and also the company I work for and try to apply the 80/20 rule.
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Post by gkboone on May 12, 2014 10:56:26 GMT -6
The 80/20 rule for businesses seems like a great way to generate more profit. First, you find the products/services that generate 80 percent of your revenue, then you find the products/services that take up 80 percent of your time. According to this video, there is very little overlap between the two, thus giving you the ability to possibly eliminate the item taking up too much time but not generating profit.
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Post by Rosie on May 12, 2014 12:11:05 GMT -6
Using your time wisely is probably one of the most important rules good managers need to abide by. Paying more attention to the aspects that create profit is a smart way to work. Tim Ferris seems to be a very smart worker. He mentions multiple ways to improve a company, but also to maintain a good work environment and not offend others.
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Post by jprend on May 12, 2014 18:03:07 GMT -6
After watching this video I was introduced to the 80/20 rule and realized how some products in the store are not there for profit but there to attract customers. He supplied many good points in this video, we waste days upon days on useless work for bad products. We need to look closer and spend the time to produce products that follow the 80/20 rule. It was also interesting how he did not want to offend but posted things on the internet for people to comment and provide feedback. It is amazing how many people will follow this and debate online.
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Post by Spencer Ragas on May 12, 2014 18:26:04 GMT -6
I think that time management is something that is extremely important to be able to do, whether you're a manager or not. The 80-20 rule mentioned in this video is something that we can all learn from. I also found it interesting that this author did not want to offend anyone with his words. This is something that is a little on the safe side, but can work out sometimes.
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Post by kristendodd1 on May 12, 2014 19:22:12 GMT -6
In this video, Tim talks about his idea of managing a 4 hour work week. Time utilization is key to maximizing profits and relieving stress in the workplace. He talks about how important it is to focus on what we are good at instead of focusing on what we are not good. I feel like this is very informative and people should learn from this.
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Post by karenwag on May 12, 2014 20:09:58 GMT -6
Figuring out which products are low maintenance and high profit products and focusing on these is a very efficient way to figure out how to maximize profits that will lead to higher success. Cutting down on the products that take more maintenance and time then they are worth it and just discarding those products that are not worth it will save a lot of money and time for the business. It will also give the company more time to master the products that are high profit and making the company a lot f money. Just doing this one tip that Mr. Ferriss gave will seriously help your business.
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Post by shennellw on May 12, 2014 21:37:40 GMT -6
The 80/20 rule should be very important to managers. You should spend most of your time with the products that bring in more income. You shouldn't have to over work to get great results. You just need to focus. I agree with this video.
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Post by Deleted on May 13, 2014 6:56:18 GMT -6
First off, I would love to say that a four hour work week would be beautiful. Using the 80/20 rule is a great way of finding out what you should really be doing with your time. Learning how to manage your time by spending the most time on the most profitable items is what your organization should be striving for.
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Post by melanconcaitlin on May 13, 2014 7:41:32 GMT -6
The 80-20 rule is a good standard to follow when managing a business. You have to prioritize your time as a manager due to the vast amount of tasks you have to take on at any given time. If you can manage your time by more of your time on the 20 percent that makes up 80 percent on your revenue. If you can focus on this 20 percent you can maximize the 80 percent of revenue that is associated with it.
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