Friday, November 15, 2019

3 Ways Wasted Time Can Hurt Your Business

Any business owner who has been operating for longer than a few minutes will be
aware of the threat that waste poses to the success of their business. The primary
area in which this concern arises is, of course, on the financial side of the business.
Any money that is wasted will, by definition, be money that does not end up in the
profit column - and therefore affects your bottom line significantly.

However, just as much attention needs to be paid to the risk of wasted time in your
business. As is so neatly explored at, countless very
clever individuals have agreed over the years that “time is money” - and nowhere is
this truer than in the corporate world, where money and time are firmly interlinked in
the form of salaries, potential profit and more besides. In order to avoid losing time -
and, therefore, money - it’s important to make sure your business isn’t falling victim to
the following ways of wasting time.

Lack of communication

For any business to operate efficiently, all of its different departments need to be on
the same page, or at least reading from the same book. However, sloppy communication
happens all too often, and can lead to your business losing time it can ill afford to lose.
It is essential to keep a tight leash on processes so that you know who is in charge of
which part of a project, and when each stage has been completed. During any
multi-department project, use systems such as
that departments don’t find themselves waiting around for more information.

Meetings, meetings, meetings

One of the great business cliches of this generation is the legendary “meeting that
could have been an email” - and while communication is a valuable thing in business,
getting employees together for a meeting is often a serious waste of time. Before
arranging a meeting, ask yourself: “Is it absolutely necessary that these people
are in the same physical space for the next 15/30 minutes?”. If the goals of the
meeting could be achieved another way, then it’s not worth taking its potential
attendees off the jobs that they are paid to do, and holding up important work. 

Failure to update legacy systems

System downtime can rob any business of large swathes of time and - in truth -
sometimes it can’t be foreseen or prevented. However, it can be made less likely
by ensuring that you aren’t holding onto legacy systems for longer than you need
to be. It may cost money to update your network, and it may take time to overhaul
the way you do things, but balance that time and money against the value of the
work hours that will be lost if you cling to the old ways - you’ll find that updating
your systems prevents costly downtime and makes your business leaner and
more flexible.

The above are three examples of ways that time can be lost. There are more besides - have you identified any ways you could cut down on wasted time in your business?

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