We all have the same 1,440 minutes every day, no matter how busy we are or what we’re doing. And unfortunately, we can’t save time up to use another day or borrow from a past day like we can with money. It just isn’t possible, but wouldn’t that be amazing?!
Here’s another thing: As entrepreneurs, we all know that those 1,440 minutes every day equate to money. Literally. Wasted time can cost us valuable dollars, and time used as efficiently as possible can save us money.
Since your bottom line is the lifeblood of your business, how can inefficient time management habits impact not only your business, but that all-important bottom line? Here are five things you may or may not have thought of that can waste precious minutes, resulting in fewer dollars for your business and your business plans and goals and, ultimately, your business success.
Let’s be honest: Distractions are everywhere. Whether it’s an overflowing email inbox (which is likely a mix of the important and the unimportant), the internet rabbit hole—handy for valuable research but a serious time-waster if you’re not careful, work-related discussions with team members that turn into social time, and anything else that can inhibit your ability to concentrate on the important tasks at hand, distractions can be costly to any business, especially since it feels like they’re actually only steal a few minutes at a time. But those few minutes at a time can quickly add up to lost hours, days, and weeks of valuable time AND money.
Unclear priorities and objectives.
Whether you're a solopreneur or you lead a team, if the priorities and objectives of your business aren’t crystal clear, time WILL be wasted on tasks that don’t lead to business success. Here’s another thing: With that wasted time (and wasted money), will also come frustration for you and your team as you work hard but don’t see the results you’re wanting. And time spent being frustrated is yet another waste of time. So, make sure that any priorities and objectives are clearly understood by everyone, and you’ll save time and money.
Inefficient processes and procedures.
There are as many ways to run your business as there are businesses. That being said, if the procedures and processes in place in your business aren’t as efficient and streamlined as possible, precious time (and money) will be wasted unnecessarily. That’s why it’s crucial to constantly reevaluate your processes and procedures to ensure anything you do is being done as efficiently as possible.
Miscommunication and ineffective communication.
This one can be huge if you lead a team. Similar to how inefficient processes and procedures can impact your bottom line, miscommunication and ineffective communication can be a serious time management issue in your business. If communication isn’t both easy to understand and glaringly clear, time will be wasted through unnecessary errors but in also redoing that erroneous work. And don’t just take it for granted that if it’s clear to you, it’s clear to everyone. Take some time to make sure everyone is on the same page.
The wrong team members.
If you do lead a team, it’s crucial to make sure that every team member is a good fit for the tasks they’re responsible for. If they’re not, a lot of time will be wasted in training them for jobs they’re not qualified to do as well as redoing assigned tasks they’re just not capable of doing. It’s difficult to lay off team members when they just don’t fit in at your business (even though they might be the most amazing people on the planet), so take some extra time during the hiring process to ensure any new team members are the best fit for their responsibilities (which can actually lead to more money in your bottom line). And when a change needs to be made, rip off the Band-Aid quickly to ensure you’re not wasting more money unnecessarily and to give them the opportunity to move on to a better fit somewhere else.
With a little bit of effort, and some continual tweaking as needed, you can ensure that anyone who is spending any of their 1,440 minutes a day—including you—on your business will use those valuable minutes to help increase your bottom line, and not the opposite.