10 time sucks that kill startups

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The greatest investment that an entrepreneur can do, is to invest on time. Yet the greatest loss that he/she can suffer is going through an inefficient activity during the most crucial time. The same time can be invested on any sort of productive activity rather than giving a chance to cause harm to the person. As an entrepreneur, his/her foremost aim is to make money, and manage it well. Being money minded is a positive approach to success, but a person who desires to be successful often forget that time itself is money. The time is reducing every second, and one must make sure that it is not too late to realize this. Since time does not need any sort of paper transaction to be done, we often tend to spend it lavishly, not realizing how adversely it is going to effect the fortune. For the effective use of time, there are few things that compete, and identifying such factors are very much important. Some of them are listed below:

 

  • Banks: Investing money is a wise thing to do, and yet, asking for a loan, if you have a small scale business might be proven to be a major time suck. Verification, questions and proof for the current income might be the reasons for not investing time, in order to prove them you financial status.

 

  • Solicitors: Advertisements are a part of business strategy, one has to always keep out of it, since it might be a time suck. It will consume a lot of time to deny the offers and reply back for an email.

 

  • Vendors: Vendors are of course a basic necessity for any company to function, but investing a lot of time can be proven unnecessary. It is a good habit to maintain relationships with them, yet one would invest this time in a business transaction.

 

  • Volunteer requests: Every person has a calling in his/her life and being an entrepreneur, his main goal is to make money and produce it. It is rather better to refuse such requests, which is spent on this, and can invest the same time with their family or on entrepreneur duties.

 

  • Partnership seekers: As the company start gaining fame, there will be a lot of people who would want to tie up with you. They would offer many services, which can be very profitable for both the parties, but sometimes doing this would be considered to a waste of efforts and might be less profitable.

 

  • Customers: Customers might consume a lot of your time, since their needs are very huge and satisfying them is the main aim of the entrepreneur, since they are a basic unit that constitutes the whole company. But investing a lot of time on them might be proven to be a time suck, since there might a lot of customers seeking for attention, and might take you many days trying to get their problems solved. After one customers needs are fulfilled, another customer would already been queued up. Hence the amount of time spent on them must be limited.

 

  • Emoloyers: This is that part of the company that is very much required to run the business, but spending a lot of time on them, is not a very wise choice. Of course it they require a lot of time inrecruiting, hiring, training, and managing employees, but it is also necessary to have meeting with them, and track their performance and improvement for the betterment of the company.

 

  • Consultants: Consultants are some point of the business is important. Basically what one does, is since there is no time to specialize in a subject that is crucial to the success of your business. You’re buying their time in order to save your own.Consultants might include people like accountants, insurance agents etc, who very well know how to manage time, and finish the job before the deadline, and one must make sure he gets the most of them.

 

  • Family: Though family has the first priority, we must make sure you do not flow in the whole rush of emotions, and give all the time to them. Though they do crave for attention, giving them a limited attention, is a wisest thing to do. Of course one always need a support that is going to act as a backbone for your business, who would be a support system, would would always believe in you, and trust you, how hard times are. There must be a balance between the work and family.

 

  • Administration: Major things such as taxes, payroll, recruiting, HR services, emailing, communications, bill-paying, bean-counting will eat up a lot of time, no doubt. Any kinds of such blockage in the development of the business must be purged immediately. Also a happy business is a nimble, agile, business that runs its administration in a streamlined fashion. Hence it is very much necessary to keep away the time suck for the smooth working of the company.
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