I found this great article in Forbes from a couple of years ago.  It really illustrates the 80/20 principal in very practical business terms.

The advice here is sound – for all areas of life. Prioritize, prioritize, prioritize. Only do the few things that actually make the biggest difference. In my life, I take all my must haves, want to do’s and should do’s and sort them into A, B & C lists.  The first thing I do is throw the B & C lists away.  I then take the A list and sort by the top 3 most important things that will make the biggest impact.  These are what I work on.  I try and use this lens for everything I do.

This allows me to maintain work-life balance and leaves a little space for spontaneity and grabbing onto innovative or creative moments and ideas.

http://www.forbes.com/sites/ronashkenas/2012/03/12/do-less-to-achieve-more/