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Time is money in business. Every time you waste time doing a task, you’re wasting resources that could have used doing something more productive. Many companies waste time without realising. Here are just five common sources of time wasting that your business may need to address.
Manually doing tasks that can be automated
The rise of robotic process automation has allowed for many previously mundane and complicated tasks to be eradicated. There’s no need to manually keep a record of expenses or manually send text reminders to clients when it can be automated. Of course, not every task that can be automated should be automated and it’s important to know the limits – there are times when a human touch can be needed. Use robots to do what they do best – the emotionless mathematical tasks that you find dull.
Failing to outsource tasks
There are other tasks that can be outsourced to another company. This could include anything from answering the phone to organising marketing events. Such jobs may require a human touch, meaning that they cannot be automated, however they may still be jobs that you yourself find inconvenient or difficult. In most cases, outsourcing can be cheaper than hiring staff to the role.
Holding unnecessary meetings
According to a survey on employees from across the US, 33.4% of meetings are found to be unproductive. This can often be the result of employers getting into routines of having meetings regardless of whether there is a clear agenda. Unless you or an employee needs to talk out an issue, don’t waste time hosting an unnecessary staff meeting. The same goes for client meetings which may also be unnecessary. Often, general information can be put into an email or added to a group chat – a meeting is only necessary with very important updates or when you may need people to share ideas.
Not communicating thoroughly enough
At the opposite end of spectrum, there may also be the problem of not communicating enough in some cases. This can lead to time-consuming mistakes as a result of lack of communication. Make sure to add key people to email exchanges involving important information and confirm that people have understood after telling important information. Similarly, learn to be a good listener by writing important information down so that you don’t forget it.
Clinging onto old tech
You could also be wasting time by using technology that’s dated and unnecessarily slow. Adopting new technology such as a newer version of software or a newer model of machine could speed up your business. Certain slow tech may not be old and may simply be cheap – for instance, if you try to run your business on the cheapest wi-fi you can find, you can generally expect slower speed and more connection problems.