Overcoming the Fear of the Unknown: Why It Costs You $100,000 in Lost Profit

Have you ever delayed starting a project because it felt daunting, unfamiliar, or just plain difficult? You’re not alone. The fear of the unknown can be particularly paralyzing in the accounting world, where accuracy, deadlines, and regulatory compliance leave little room for error. Accountants who seem to be most comfortable when they know they are right, are highly susceptible to inertia when the business requires them to do something new or different.

However, procrastinating - avoiding projects and tasks that seem complex or ambiguous or have the risk of being wrong often comes with a hefty price: the cost of inertia.

Why Inertia Costs Us So Much

Inertia, or the tendency to stay at rest, can result in missed opportunities, diminished client satisfaction, and increased stress. It’s more than just a productivity drain; it’s a barrier to innovation, growth, and client success. For accountants, who often bill at rates of $400 per hour or more, this inertia doesn’t just impact deadlines but translates directly into substantial lost profit.

Consider this: if you procrastinate just 1 hour a day, that adds up to roughly 250 hours per year or around $100,000 in lost revenue. Even in smaller increments, this lost time compounds quickly. In accounting, “waiting until tomorrow” to complete a project or task means time-consuming “stop and start” behavior, where you pick up a task, think about it, put it down, and find an excuse to do an easier, less demanding task. This repeated stopping and starting adds even more hours of unproductive time.

The Science Behind Procrastination

According to research, procrastination is an emotional response rather than a logical one. We tend to avoid tasks that trigger negative feelings like frustration, ambiguity, or lack of reward. Chris Bailey, productivity expert and author, identifies seven common triggers for procrastination:

- The task feels boring, frustrating, or difficult.

- It appears ambiguous or unstructured.

- It lacks intrinsic rewards or personal meaning.

These are the triggers that push us to “wait until tomorrow.” But in accounting, “tomorrow” means hours lost to the “stop-and-start” trap, ultimately costing significant revenue.

Confronting Fear is Key to Learning

Psychologically, confronting fears is essential for growth and learning. Avoiding tasks that feel unfamiliar or uncomfortable prevents us from improving our skills and limits our confidence. In contrast, when we face tasks that initially seem challenging, we often find they become easier with practice. Each time we step outside our comfort zone, our brain becomes more adept at managing similar situations.

By repeatedly engaging in activities we initially found challenging, our understanding deepens, and the associated fear gradually diminishes. Eventually, these activities become part of our professional toolkit, enhancing both our performance and our ability to take on even greater challenges. The more we do, the better we become.

Research-Based Strategies to Tackle Procrastination in Accounting

1. Identify and Reverse Triggers: Start by understanding what makes the task unappealing. Is it the lack of clarity in a new software program or the repetitive nature of a quarterly report or could it be that you don’t think you know enough? Finding ways to add structure, like creating a step-by-step plan or breaking down complex tasks into manageable parts, can make these tasks feel more approachable. The key is to identify the “cause” of the procrastination not the symptom.

2. Work Within Your Resistance Level: Try to start with a small, achievable goal that doesn’t trigger resistance. For example, set a timer for 15 minutes and dedicate that time solely to organizing the project outline or data entry for a financial report.

3. Do Something, anything, to start: Starting is half the battle. Research shows that once you begin a task, you’re more likely to complete it. Take just one small action, like drafting an initial outline or gathering the required documents, to build momentum.

4. List the Costs of Procrastination: What’s the actual price of not starting? Is it just lost time, time that you never get back? It surely is more than the impact on your workflow and team expectations, or client annoyance or disappointment but also it must be the direct hit to your bottom line. Consider the $100,000 you stand to lose annually by avoiding difficult or ambiguous tasks. This figure alone often puts into perspective the true cost of procrastination.

5. Disconnect and Focus: What’s your go to for distraction – look at your phone, take a social call, jump into email in boxes, start a new conversation, take a coffee break… Try minimizing distractions by disabling notifications or just block at time for the task at hand which then allows you to focus on the essential. In many cases, simply being “offline” for an hour can help you get started and stay on track.

?Why Time Wasting Adds Up to $100,000 Lost Annually

Let’s break down the math; with an hourly rate of $400, even a single hour a day lost to the stop-and-start cycle of procrastination translates to 5 hours a week, or 250 hours a year. The time lost in stopping, restarting, and finding other tasks ultimately costs you productivity that could be better spent bringing in new clients, advancing current projects, or even just getting through your workload faster.

At the end of the year, that time if used more effectively could represent an additional $100,000 in profit. Instead, procrastination forces us into repeated delays, making even simple projects seem overwhelming and draining your business of potential income.

Final Thoughts

In accounting, the cost of inertia isn’t just a delay; it’s a risk to your practice, your clients, and your revenue. By understanding why you avoid certain tasks, taking steps to confront those challenges, and consistently engaging with tasks that initially seem difficult, you can build confidence, enhance your skillset, and ultimately increase your productivity and profitability. The fear of the unknown is natural—but the cost of doing nothing is far too high, especially when it could mean the difference of $100,000 per year in profit.

I help business owners in professional firms understand the roadblocks and challenges to adding six figures & beyond to your net profit per annum. If you would like to learn more about how David can unlock your mindset and then stay on track, please book a time to chat with David https://bit.ly/timewithdavid