Time is money.
That’s precisely why, as an entrepreneur, you can’t afford to waste it inconsiderably. You need to become aware of the areas of your business and its processes that are costing you a lot of time. Wasting time may not be as obvious as it is when you’re stuck in an airport waiting for a delayed flight. Time, in the business world, can have an accumulative effect, so that you only notice its dramatic impact when it’s already too late. Here are the most common ways in which business owners waste valuable time that they could otherwise invest in business growth:
Is your production style an obstacle?
How do you manufacture your goods? If you run production chains with no control of waste and then leave it to your operation manager to sort out resources, then you probably don’t know the importance of lean manufacturing education. Indeed, lean production is the ability for a company to maximize production within a specific set of rules, so that resource waste is minimal. As a result, you cannot only save on material costs, but also on the adequate utilization of your employees to achieve more in less time.
Does your team feel respected?
Your employees are your most important asset. They are at the core of the production – whether goods or services – and they also manage all your customer interactions. As a result, it’s fair to say that if your team is dissatisfied in any way about your management style and business decisions, they are more likely to leave and spread the word about it. As this previous employee denounces, when the company doesn’t respect the staff, there can be no financial gain from this arrangement. Recruiting and training new employees regularly is expensive and time demanding which can affect your profits.
Is your online business too weak?
Whether you’re a solo-entrepreneur or running a business with a team, your online presence is an indispensable factor in success. When the majority of customers look for a business online, it’s easy to understand how an unoptimized website can affect your chances. In fact, if your website doesn’t appear on the first page of results, you may find it tricky to attract customers. While word-of-mouth practices are still effective, the only strategy to accelerate your growth potential is to be visible and accessible online. Nobody can buy from a business that needs a lot of effort to be found.
Do you embrace new working options?
So, you treat your employees fairly, but they still quit, forcing you to embark on a long recruitment journey every single time. Here is one crucial question you need to ask yourself: Do you pay attention to what your employees really want? Indeed, the majority of employees want flexible working options. Remote work and flexible work are key to maintain your talents in-house and maximize productivity. Businesses that refuse to embrace the trends are hitting a slow path caused by high turnover rates and decreased office productivity.
How much time are you wasting without even noticing? It’s a question you need to address in all honesty if you want to maintain your business presence in the future years.