How Bad Habits Cost Your Business Money

How Bad Habits Cost Your Business Money

As an entrepreneur, a possible small time business owner, an owner of a larger business, you are probably looking for more ways to create efficiency not just in yourself but in your workforce. Go back to the D-P-M model.

If you see these symptoms of the time management disease in your business, then you will definitely see points of improvement.

Scenario I:

Hannah is in charge of inventory for a high-class restaurant. She is new at a job and is still muddling through most of the procedures. She has not yet made any contacts with the local grocers, fishmongers and markets and is relying on her predecessor’s notes to help her out.

She opens up the computer and accesses the files. Hannah takes one look at the files and her heart simply sinks into her stomach.

The previous manager’s notes are a mess! She cannot find phone numbers or even inventory records going back at least 6 months. It will take her at least a week to sort things out. How is Hannah going to take stock and prepare herself for the daily restaurant rush?

Scenario 2:

Take a look at Ann and Bob. Ann has great time management skills, always turns her work in on time and basically is a happy stress-free employee. You feel lucky to have her on your team.

Bob, on the other hand, is highly qualified for the role you gave to him. But there is one little problem—he is always late for everything. Reports never come in on time and you are met with a barrage of excuses. Yet most days you see Bob playing Solitaire on company time, spending valuable hours that you are paying for loafing off at work. As the company owner, what do you do?

Most people would answer: fire Bob. What if you could solve Bob’s problems in an easier way?

Scenario 3:

Three years ago, Jill launched her handicraft business. Jill started out with nothing but a computer and some really good ideas.

A year ago, Jill needed to start hiring employees and had enough profit to actually buy a small storefront in a moderately busy area. Her employees handle both the selling and shipping aspects of the business.

Since hiring employees, Jill noticed that productivity has actually gone down and not up. Yet her employees are always busy!

These scenarios are common and small scenarios that but a huge drain on your business.

One unproductive employee, terrible record keeping and even just chronic multitaskers can cost you money, overhead, labor and maybe even a few fines.

Imagine if the ill-kept records are for taxes!

 

These bad time management symptoms can also show up simultaneously. Using distractions to procrastinate is a common example. Getting distracted by disorganization is another, like spending an hour cleaning your desk before even starting the day. In any case, the end result is loss of productivity. Instead of getting an extra hour or two a day to spend as you see fit, you will end up making up for lost time.