You will be pleased to know everyone procrastinates. But what exactly is procrastination costing you and your business?
A 2012 report noted ‘Procrastination is the most expensive invisible cost in business today. The study of 10,000 U.S. employees polled, revealed that the average worker self-admitted to wasting 2.09 hours each day on non-job-related activities. Considering the average salaried employee makes $39,795, that means procrastination costs employers $10,396 per year – per employee.’
There are now even websites that list songs to shake you out of procrastination (apparently “Applause”, by Lady Gaga and “No Church in the Wild” by Kanye West are two songs that will get you moving)
And there are other sites that actually help you procrastinate better. If you feel like taking action check that list out yourself.
Procrastination is Costing you Money
According to researchers, procrastination has quadrupled over the past 30 years. And, investigation has found that 40% of people have experienced financial loss due to procrastination. Ouch!
The definition of procrastination is the practice of carrying out less urgent tasks in preference to more urgent ones, or doing more pleasurable things in place of less pleasurable, and thus putting off impending tasks to a later time.
Does that sound like anyone you know?
A study at Calgary’s Haskayne School of Business stated that 95% of the population procrastinate at some time, with the 20% chronic offenders, and if you are a student, the rates go up to 60%.
With statistics like that, there is no doubt that procrastinating will be affecting your business at some level.
Top 5 Reasons Why Procrastination will be Influencing Your Bottom Line
When I’m working with clients on how to overcome procrastination, and help them plan the steps they need to take, these top 5 reasons procrastination that will be influencing your bottom line always pop up:
- Procrastination may result in stress and a sense of guilt and crisis.
- You will experience reduced personal productivity.
- Business and social disapproval for not meeting commitments can be damning.
- Not meeting important deadlines will mean a loss of business and a poor reputation.
- Public perception in the belief you are lazy.
The worst thing is these feelings can combine to cause further procrastination and cost you even more.
It is important to note, there is no correlation between procrastination and perfectionism.
Make sure 2020 is your best year yet by planning rather than procrastinating. Get your copy of ‘Good Girls do Sell’ to assist you with planning and goal setting tips.
Rather the belief is the principal reason we procrastinate is a breakdown in our self-control. You know what you ought to do but you’re not able to bring yourself to do it. It’s that gap between intention and action.
The good news is that procrastination is not a serious problem for most people and if you find yourself procrastinating more and more then there are a couple of tips that will help you get back on task.
- Recognise you are procrastinating
- Break the task into small chunks
- Remove distractions
And don’t forget to reward yourself when the task is completed.