MONEY MATTERS: Top 6 Time Killers

Money takes many forms in our world. At the very top you’ve got cash, a literal representation of what most people consider “money.” But beyond fiat currencies, money also takes the form of tangible assets like cars and houses and intangible assets like stocks and bonds.

That’s a pretty good start, but there is one glaring omission. Have you ever heard the expression that time is money? It’s kind of a cliche but it also happens to be totally true, particularly for the small-business crowd.

As a small–business owner running a well-oiled machine, your time is precious. Every second and minute count when a long line of customers and employees are relying on you. That means you need to be on the lookout for the everyday trappings that suck away your precious time and harness your highest form of productivity.

And to help you get there, here is a quick list of 6 clock killers standing in between you and maximizing the return on your time.

Top 6 Time Killers

Internet

The Internet can be your best friend or your worst enemy depending on how you define the relationship. Ya, it’s a great place for all kinds of information about everything in the world, but that’s also the problem. It is so incredibly easy to get sucked into a few articles here and there and then before you know it it’s been 25 or 30 minutes since jumped away from what you were doing. Big picture the Internet is a great resource for information, just be careful about getting sucked in.

Checking Email

Wait? Didn’t we just talk about this? No, because surfing the net and checking your email are two different things. Psychologists have conducted studies and concluded that receiving a new email sends a shot of dopamine into your body. That causes what is called “seeking” behavior, causing some people to incessantly check their email while other more important tasks sit on the sidelines.

Personal Calls

We live in a world that is insanely connected. Everybody wants everyone to be available every second of the day. How many times has one of your friends scolded you for not answering your phone?. There is all kinds of social and professional pressure for people to be available 24/7. Productivity is all about focus. Having an uninterrupted 3-hour block of time to dial in on a project or task is a great way to amplify your productivity.

Bathroom, Coffee and Snack Breaks

Just like the previous 3 items, ducking away from your desk or office for a quick coffee or snack break can be very disruptive to your work flow. All in, just running down the street to grab a coffee probably costs about one hour, far more than the “this will only take me 15 minutes.” When you take a break you disrupt your rhythm, tying into our previous discussion about staying focused for multiple hour sessions.

Long Commute

This might seem farfetched but if you think about it, how time does your “average” person spend commuting every day? The simple answer is a lot. A 2 hour daily commute in our busy world doesn’t seem out of the ordinary at all. So let’s extrapolate. Those two hours a day adds up to 10 hours a week, which at the end of the month grows to 40 hours.

Wow, that’s incredible if you think about it. An entire 25% of everyone’s “work time” is spent commuting. Every once in a while an opportunity pops up to move or go to a new neighborhood. Your commute should be a central part of this conversation, because every second you spend fighting traffic is a second not spent being creative and executing your best ideas.

Procrastination

This is the catch all bucket of the conversation. Ultimately, the different items being discussed tie into this one simple concept. Even the most productive and focused people in the world will battle an occasional case of procrastination. That’s definitely not the end of the world. But just remember that in order to be a leader, you have to run faster than the guy next to you. And we live in a highly competitive world. So be sure to harness those competitive instincts that brought you to your small-business in the first place and engage and attack.

The Take Away

Small-business owners have already proven themselves to be incredibly productive. But even the most productive people in the world still need to be on the lookout for seemingly harmless activities that compromise your ROT (return on time).

MONEY MATTERS is a weekly column on the Retail Minded Blog that is contributed by Michael Vodicka, founder of boutique financial consulting firm the Vodicka Group. MONEY MATTERS is Retail Minded’s way of supporting independent store owners with all their financial concerns, real life needs and everyday issues both in and out of their  stores. You can find MONEY MATTERS every Wednesday on RetailMinded.com as well as in each issue of Retail Minded Magazine.