No one likes to waste time. But, when you waste time as a small business, you also lose money. The stakes are exceptionally high for small businesses, where the SBA reports that 30% of small businesses fail by the end of year two.
So, how much time do we actually waste at work, and what’s the cost of those distractions? Here are some of the top reasons for wasted time in small businesses and some ideas about those costs.
What is the True Cost of Wasted Time in Business?
How much money do you think your business is losing from wasted time? The results might vary. But one research firm, IDC, conducted a study to answer this question. They concluded that U.S. organizations are losing about $1.7 million in wasted time for every 100 employees. So, if your small business employed just 25 people, research tells us that it would lose about $425,000 per year in wasted time. That’s a sizable chunk of change. Where is all that time going?
Top Reasons for Wasted Time in Small Businesses
Unfortunately, wasted time comes in many shapes and sizes. Obvious time wasters like arriving late to work or spending extended periods in the employee break room might be an issue in one company but not others. In fact, those apparent issues can be addressed individually. But what about the non-obvious causes? Here are a few top culprits:
1. Unnecessary Meetings
Unnecessary meetings are probably the biggest time waster in most small businesses. Many meetings take up valuable hours that could be spent doing other tasks. As a general rule, it only makes sense to hold a meeting if it is necessary to accomplish a specific business objective.
2. Too Many Emails
Emails are another time-wasting activity. The average employee probably receives 200-300 business emails weekly, many of which aren’t necessary. And some only create confusion instead of adding to productivity.
3. Staffing Issues
Staffing issues can also lead to wasted time. For example, if you have a frequent manager or employee turnover, you’re probably going to have a lot of people who aren’t clear about what needs to be done. But, if you’re overstaffed, employees will waste time because there isn’t enough to do.
4. Non-Core Tasks
When you ask employees to perform work that isn’t part of your core business, this can lead to unnecessary time consumption and resources. Some tasks, like accounting, IT, and marketing, are more efficient when outsourced to a trusted partner so your workers can focus on your company’s core business and mission.
Reduce Time-Wasters in Your Small Business Marketing
If you want to stop wasting time trying to make connections with potential customers, we can help. Since 2014, VisionPATH Marketing has been helping South Carolina’s small businesses achieve their goals. We do this by learning everything there is to know about your business and then identifying the best strategies to help you reach new levels of success.
We have earned a strong reputation as trustworthy, reliable, and effective business partners for our clients. Our team uses a variety of digital marketing strategies that include web design, online branding, SEO, social media, and content marketing. Contact us today for more information about our results-driven services.