[This is 14th chapter in the #ProductivityHacks series currently running on Trak.in]
Wikipedia defines “Limiting factor” as an element or entity which limits the growth of an individual, an organization or a process. In short, whatever growth or development you are lacking, this “limiting factor” has a lot to do with it.
In case a person or a business wants to expand its development and growth, what minimum she can do? Yes, you are right: Kill these Limiting Factors, for ever!
In this chapter of Productivity Series, we will discuss methods to determine your limiting factors, and will suggest ways to remove them for better productivity and better results.
Human beings need water, food, safety and couple of other essential things to survive and thrive. Similarly, businesses need a market, a product, a team and perfect execution of the business plan in order to thrive and succeed. In case any one of these essential factors are missing, the business shall not grow; and any business which doesn’t grow, dies. This is the limiting factor which is stopping the growth of your business, which needs to be removed in order to achieve higher productivity.
You can start the process of discovering your limiting factor by asking these questions:
- What single factor is holding you back, right now?
- What sets the speed at which you achieve you goal?
- Who will allow you to move fast from your present position to a position you really want to go?
- Why are you delaying and postponing the important tasks, which will make you successful?
- Why are you not completing your goals?
When you will think hard to find answers to these questions, you will slowly have a picture of your own limiting factors; you will slowly realize which key constraints are holding you back, and stopping your progress.
In order to increase your own productivity, your primary task is to identify these limiting factors, and then focus all your energy and concentration to remove these choking points.
That Single Factor
It has been observed that in various kinds of tasks and processes, there is one single factor which determines how fast the results would be achieved and goals would be met. As an entrepreneur, it is your responsibility to identify that single factor, and then concentrate all your energies in optimizing that single factor. This alone would qualify as the single most important productivity hack ever performed.
To give a very simple example, the purpose and goal of any business is to create and keep customers. By optimizing this single activity, any business can grow to unprecedented levels. In case the business is not growing, then this becomes the limiting factor: customers. By focusing all your energy and might in improving this process, your business can achieve the targets and make it really big.
Other such limiting factors for a business can be:
- Incoming traffic / footfall
- Marketing
- Sales
- Cost of operations
- Employees
- Attrition
- Cash flows
Competition, customers and the current market place determines how good a business is. It is your task to find which one among them is the limiting factor for your business, because once you identify it, it becomes easier to kill it.
How To Kill The Limiting Factor: 80/20 Rule
In previous chapters, we had shared the importance and relevance of 80/20 rule in productivity and entrepreneurship.
The same can also be applied while discovering your limiting factors and then killing them. It is a statistical fact, that 80% of the limiting factors are internal in nature, and 20% are external. Hence, the solution to 80% of limiting factors lies with you, they reside inside you and you are in control of them!
The remaining 20% are external, whose solutions are not in control of you, which can be handled separately.
But for the 80% of the limiting factors, the solution of which resides with you, should be killed gradually. Your own personal qualities, habits, abilities, discipline and competencies will determine how fast or how soon these limiting factors would be removed.
It is not necessary that the limiting factor bounding your progress should be a huge thing; it can be small issues as well, something which you often neglect but is chocking your productivity. Being an entrepreneur, you should create a process list of every action you do to make your business big, and then apply the 80/20 rule to find the internal limiting factors and kill them gradually.
Accepting Responsibilities
You should ask the question, “What is it in me that is holding me back?”
You should be able to accept responsibilities and be brutally honest to look within yourself and find out this limiting factor which is blocking your progress. Both the cause and the cure to your key constraints lie within you (atleast 80% of them!)
Keep on asking the question: “What sets the speed at which I get the results I want?”
Every productivity hack mentioned in this series has a limiting factor, which must be overcome to succeed. For example, creating lists is fine, but if you don’t execute it, then it makes no point.
Reviewing your productivity by following the 6 stages is extremely cool; but unless you are willing to complete the tasks assigned, it makes little sense.
Mind tricks are really awesome way to get more jobs done, but unless you program your mind to this state, it won’t work.
Determining and discovering your limiting factors can make a huge change to your overall productivity. Once you get up and start your day, all your limiting factors should be laid to rest, for a productive and result oriented day.
Previous Chapters in “#ProductivityHacks For An Entrepreneur” Series
- Understanding Importance of Time
- The Morning Activities
- The Four Step Plan
- Creating; Managing & Optimizing Lists
- Mastering Art of Collecting Information
- The Science of Creating a Process Out of Chaos
- How To Complete A Project Successfully
- The 6 Stage Model of Reviewing Your Productivity
- How To Fool Our Mind To Boost Productivity
- Four Ways To Relax Your Mind To Boost Productivity
- Importance Of 80/20 Rule In Productivity
- 9 Steps To Streamline Your Focus
- Setting Your Priorities Right Everyday