Wednesday, 22 January 2014

80/20 Rule

After a tiring evening after work, I decided to sit and analyse how I spend my day. I took a pen and a paper and wrote down hour wise allocation to each client/activity. I realised that 20% of my work gave me 80% of the results. I asked Mr. Abhishek Muglikar what is this all about. Thus I was introduced to a concept. The Pareto Principle is very simple, yet very important. It is named after Italian economist Vilfredo Pareto, who, in 1906, found that 80% of the land in Italy was owned by 20% of the population.

What was most important about Pareto’s finding was that this 80/20 distribution occurs extremely frequently. For example, in general, 20% of your customers represent 80% of your sales. And 20% of your time produces 80% of your results. And so on.

I quickly realised that this could be used to generate higher revenues and profits. For instance, if I can figure out which 20% of my time produces 80% of my business’ results, I can spend more time on those activities and less time on others. Likewise, by identifying the characteristics of the top 20% of my customers (who represent 80% of your sales), I can find more customers like them and dramatically grow my sales and profits.

I want to take this rule to even higher level. I know that 20% of my customers represent 80% of my revenues. Within that initial 20%, the 80/20 rule also SHOULD exist. Meaning that the top 20% of the top 20% of my customers (or the top 4% overall) represent 64% of my sales (calculated as 80% times 80%).

We can find even more customers with this rule.

I have figured out a way to identify and use this rule to the fullest extent.

The Pareto Principle or 80/20 rule is an extremely powerful tool, when properly applied, for growing any business. The key is knowing how and when to apply it, and leveraging its exponential properties. At Propelis we are reaping its benefits after our integrated research team’s work and efforts we are ready for client delivery. Are you ready?

Ashutosh Muglikar

Saturday, 11 January 2014

Successful People Do 9 Things Differently Than Others

At Propelis we have training sessions every Saturday. We believe in continuous improvement. Both as a Company and as individuals. After brainstorming and long discussion with our Advisory Board Member Mr. Abhishek we have noted 9 things which should be followed for a successful career or for building a successful company. This blog is the first of many to follow as to what to do in 2014.
Why are only few successful but not others? You don’t know? You are not alone. At Propelis each and every individual believes that its not WHO you are but WHAT you do determines how successful you become.

So here are 9 principles we follow at our office and in our individual work spheres:

1. We Get Specific. When we set a goal, we are as specific as possible. “Complete Ten Tasks Today” is a better goal than “Do Your Work,” because it gives you a clear idea of what success looks like. SET SMART Goals. Goals should be: Specific, Measurable, Achievable, Realistic and Time Bound. Knowing exactly what you want to achieve keeps you motivated until you get there.

2. We Seize The Moment To Act On Our Goals.
Kaal kare so aaj kar, aaj kare so ab. I don’t have to stress it any further.

3. We Know Exactly How Far We Have Left To Go. Our Advisor tells us: Plan --> Do--> Check --> Act. The PDCA Rule. Regular monitoring helps. Its essential. Monitoring will tell you where you are and what needs to be done. Monotoring could be daily, weekly or monthly depending on the goal.

4. We are realistic and Optimistic.
When we are setting a goal, by all means we engage in lots of positive thinking about how likely we are to achieve it. But whatever we do, we never underestimate how difficult it will be to reach our goal. Most goals worth achieving require time, planning, effort, and persistence. This is really important.

5. We Focus On Getting Better, Rather Than Being Good.
Believing you have the ability to reach your goals is important, but so is believing you can get the ability. Many of us believe that our intelligence, our personality, and our physical aptitudes are fixed — that no matter what we do, we won’t improve. As a result, we focus on goals that are all about proving ourselves, rather than developing and acquiring new skills.

6. We Have Grit. Grit is a willingness to commit to long-term goals, and to persist in the face of difficulty. Team Propelis develops grit to achieve our goals. Isnt this very important for success?

7. We Are Building Our Willpower. Willpower is important. Develop it.

8. We Don’t Tempt Fate. No matter how strong our willpower becomes, it’s important to always respect the fact that it is limited, and if we overtax it we will temporarily run out of steam.

9. We Focus On What We Will Do, Not What We Wont Do.
It is our hope that, after reading about the nine things successful people do differently, you have gained some insight into all the things you have been doing right all along. Please let us know your thoughts regarding these. Stay tuned for further info into things to do in 2014.

Ashutosh Muglikar

Saturday, 4 January 2014

What To Do In 2014

While working at Propelis and while observing our clients I keep making certain points which I feel I should change in myself or I feel my client needs to change to be more effective.

In January 2014 I would want to stress on these aspects for the benefit of our readers because I feel there is more to business than toplines and bottomlines. 

Today I will list out the different topics on which a separate and a detailed elaborate write up will be updated in this month. 

So here are the top things you have to do in 2014 for a perfect work life balance. (Please suggest more if you can)

1. Successful people do 9 things differently than others.

This topic will elaborate on why you should do things differently than to try doing different things.

2. Which five things hold us back from being successful 

This blog will help you recognise those things plus suggest ways to avoid them.

3. Stress Management: How to manage stress

4. How to spot business opportunities and use them to your advantage 

5. How to be a leader

6. Priority: One should decide what NOT to do, to find time for doing important things

7. Time Management

8. Decision Making

9. Understanding that money can't buy happiness

10. Being generous in what you do

11. Recognising important aspects of your business

12. How to learn what not to speak

13. Taking feedback 

14. Healthy competition and it's importance

15. How over confidence could be fatal

16. Challenging your limits and what it could mean for your company

17. Sleep

18. Why you seriously need more sleep 

19. Walk. Why you should take walks

20. Change management

21. How change can be brought about

As it's evident most of the topics are about personal traits. I sincerely hope my views help the readers in getting some positive change in their working styles.

Stay tuned for further updates.