Five Time Traps that Limit Your Success

 

Business owners usually spend a lot of time thinking about money. They set sales goals, establish budgets, and search for low prices on the items they need to purchase. Unfortunately, too many business owners do not pay as much attention to their most precious asset: time.

How you use your time may be the single biggest predictor of your success, both in business and in life. Learn to avoid these common mistakes that waste time and limit your productivity.

Trap #1: Lack of Planning
A business plan is like a road map. It shows you how to get your destination. First, take the time to set goals for your business and record those goals in writing. Second, develop a list of steps you will need to take to reach each goal. Third, establish a timeline to complete each step and record these as action items on your calendar.

Trap #2: Procrastination
It is natural to procrastinate by avoiding the work that you find least appealing in favor of spending most of your time on the tasks you enjoy. Regrettably, this mistake can wreak havoc on your productivity. Learn to recognize your procrastination tendencies and develop a plan to combat them. One idea is to treat yourself to a small reward after you have completed a tedious job. For example, you might allow yourself to start working on an exciting new marketing project only after your finish entering all your receipts into your accounting system. Another tip is to try doing your least favorite task first each day. You will feel great for what you have accomplished and better able to enjoy the rest of your day. 

Trap #3: Interruptions
You start the morning with a list of items you plan to accomplish during the day. By the time you have dealt with incoming mail, e-mail messages, and the items in your in-box, the morning has passed and you are off to lunch. By day’s end, you realize that you have accomplished very little. If this scenario sounds familiar to you, then you need to work on managing your interruptions. Establish set times each day to open mail, return phone calls, and perform other routine functions. Deflect any interruptions that divert you from accomplishing your objectives. For example, check and respond to e-mails every two hours instead of reading each one as it arrives in your inbox. You will be amazed at how much more you can achieve.

Trap #4: Confusing Activity with Productivity
The Merriam-Webster online dictionary defines effectiveness as “producing a decided, decisive or desired effect.” It is not measured by how much you get done; it is measured by the results of your activity. Most people spend a lot of time on projects that have little or no impact. Evaluate your work history to determine which actions have resulted in the greatest impact, and stop wasting time on those that don’t produce results. When planning your day, remember to focus on the importance of each job function, not just its degree of urgency.  Never confuse activity with productivity.

Trap #5: Inefficiency
Maximizing your efficiency allows you to get the most done with the least possible amount of time, energy and other resources. You will not be efficient if your work area is disorganized, so carve out time in your daily schedule to read, file, and take action on the items cluttering your desk. It is usually more efficient to complete a job in an ordered, consistent method. If you frequently find yourself in crisis mode, evaluate what you can do differently to avoid these time-wasting circumstances in the future. Create checklists to complete the items you perform regularly, and learn to take advantage of “found time” by finding ways to be productive while commuting and waiting for others.

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