Entrepreneurs are notorious for being control freaks. This enables some people to make more strategic business decisions when necessary, but it also implies that they tend to delegate less frequently than they should. A business’s growth can be slowed or even stopped by improper or lack of delegation, which can cause burnout. Successful businesspeople adopt a somewhat different strategy. Most can identify areas where they can cut back on work while boosting productivity and growth by zooming out and viewing the entire picture. However, some practice owners struggle with growth and aren’t sure where to begin to change things around. Therefore, our dental practice consultants at Bryant Consultants share on the blog today how the 80/20 rule could change your business so that you can experience the growth you desire.
The 80/20 Rule
According to the Pareto principle, sometimes known as the 80/20 rule, around 80% of your outcomes will come from 20% of your efforts. After demonstrating that 20% of the people in Italy held 80% of the country’s land, Pareto was credited with developing this concept. The most intriguing aspect of this idea, which is applied to everything from algebra to sales training, is that it weirdly holds true in the majority of real-world circumstances. It functions somehow, whether it’s a phenomenon or the ideal equation that fits into all possible situations.
The 80/20 rule provides perspective if you struggle with delegation
Our dental office coaches explain that this guideline could help you loosen your tight grasp if you find it difficult to assign duties because you’re concerned that no one else on earth can complete them as well as you can. Just 20% of the things you perform result in genuine outcomes, while the other 80% are merely tasks. You may as well outsource these duties as they won’t have much of an effect on your company.
If you don’t “let it go,” the 80/20 rule will apply to your business
As a business grows, it becomes impractical for owners to handle everything. Your attention wanes to your passion as the business depends more and more on you. You’re weighed down with processes, which causes burnout and stops your company from developing. Do what you enjoy and delegate the rest.
For most entrepreneurs, time is a precious resource, and the best approach to manage it is to let go of and outsource the tasks you don’t enjoy performing or that are under your level of compensation. Your practice’s success may be impacted by assigning jobs that you don’t love doing.
For outsourcing these jobs and assignments, you have a few choices. You can engage an employee, a contractor, a service, or a freelancer to satisfy a specific need. It’s crucial to realize that only letting go of the task won’t provide a complete solution to your issues. You must ensure the project you are assigning is successful. Our dental practice coaches share below how you can accomplish that goal.
10/80/10 Rules for Outsourcing
- You are responsible for setting up the task appropriately for the first 10% of outsourcing. In this situation, it’s your duty as the company’s owner to establish clear objectives and goals. You should be very clear about the outcome you want. Additionally, you must ensure that the individual carrying out your project or assignment has access to all necessary resources, including tools, instructions, and details on specific procedures. Giving them all they require to do your job effectively is the aim.
- The remaining 80 percent of the task is up to them to do as per your instructions.
- The final 10% is once more on you. You should now thoroughly review the product’s quality, request any required adjustments, and, if necessary, add your entrepreneurial touches to the project. For the most success and efficiency, examine how the delegation project performed and look for areas or procedures where you may make improvements moving ahead.
Bryant Consultants
Whether you’re a first-time practice owner or an experienced one, you should constantly be searching for methods to improve your operations. One of those methods is to have a strategy for outsourcing processes as your organization expands, such as this 10/80/10 plan. You can concentrate on doing what you love and expanding your business by letting others handle more of the work. To find out more about the strategy or help to implement it, feel free to contact our dental office consultants at Bryant consultants by calling (877) 768-4799 or contacting us online.
