Most entrepreneurs know that procrastination has no place in business. And most often, we don’t shake the bad habit of waiting until the last minute to get things done. To top that off, try to save face with a justifiable
excuse reason when held accountable. So why do we do it? In the video below, famed blogger, Tim Urban does a great job of understanding what goes on in the minds of procrastinators in this hilarious and insightful Ted talk.
Here are 5 reasons procrastination bad for business
Missed OpportunitiesOpportunity knocks, but sometimes, it only knocks once. If you’re not ready to answer the door and seize the moment, you just might miss out. Imagine your company looking at another prosperous business to either merge or buy them out. These things definitely take time, but if you wait too long, a competitor might jump on the deal and snatch them right from underneath you. Business leaders must understand the importance of moving quickly while in the process of evaluating their options.
Ruins Customer RelationshipsProcrastination can also ruin the relationships you have with your customers. It could start small and blow up to something hugely negative. First, it’s failing to respond to their inquiries in a timely manner. Then it’s not getting their orders out on time. No matter what form it takes, procrastination is a relationship killer for the simple that it betrays the trust that existed between you and the customer. Once that happens, your entire image could take a hit.
Damage Your ReputationIf your business becomes known for procrastination or not delivering, your reputation is bound to take a hit. Reputation management is crucial in times when everything about you can easily find its way to a discussion forum, blog, or social network. Don’t think your customers won’t use these channels to speak negatively about you. They will in a heartbeat. And the more you procrastinate with servicing them, the more likely they are to do so.
Affects Your HealthA recent study indicates that chronic procrastination may make people more vulnerable to serious health conditions like cardiovascular disease and hypertension. Psychological scientist Fuschia Sirois of Bishop’s University in Quebec reports that trait procrastination—that is, a tendency to delay important tasks despite the negative consequences—was significantly associated with having hypertension or cardiovascular disease (HT/CVD) even after controlling for the effects of age, race, educational level, and other personality factors. Evidence suggests that putting off important tasks causes stress, and this additional stress contributes to negative psychophysiological impacts on the body which increase our vulnerability for illness. Previous research has linked chronic procrastination to a range of stress-related health problems such as headaches, digestive issues, colds and flus, and insomnia.
Prevents you from achieving your goalsProcrastination is simply putting off doing what you need to do today for tomorrow. The sad thing with most business owners/entrepreneurs is that tomorrow never comes. Procrastination is the enemy of progress and the friend of complacency. It will leave you with no drive, motivation or excitement in challenging yourself to move forward in achieving your goals. When you procrastinate, you put your vision, desires, and goals on hold. You put things off under the illusion that you will get to them another day or when you have more time. You make layers of excuses. You constantly postpone taking action. When it comes to your business, procrastination typically possesses more downsides than ups. So how do you elude its’ often brutal grasp? I’ll leave you with these simple tidbits:
- Don’t just envision your goals — actually write them down. Even the short ones.
- Know your priorities. What’s more important? Chasing new leads or nurturing the customers you already have?
- Maintain strong focus. It can be difficult to stay motivated. Remember, lack of motivation and procrastination go hand in hand.