Procrastination is the Enemy

Procrastination is the enemy of success. As an #entrepreneur or #businessleader, wasting time holds you back.

I think most of us know this, yet many embrace #procrastination and watch opportunities sail by.

Procrastination Defined

I’m sure we’ve all put things off or found an unhelpful distraction from our work. That is not the procrastination and time-wasting I’m talking about here.

I’m referring to people who avoid making the big decisions that could define the growth and success of their enterprise. Rather than taking decisions on investment, employment, and expansion, for example, they are afraid to take the leap and sidestep making choices.

That means opportunities for success are missed; candidates go elsewhere, others grow while you stand still, and investment finds a new home.

Sometimes it is hard to go with your gut and make decisions that could turn out to be wrong. So, instead of making the tough choice, some prioritise other less challenging tasks.

Of course, critical business decisions need careful thought, but don’t use that as an excuse for procrastination. Don’t kick it down the road, blaming the need to ‘think more’.

Make those decisions. Stand by them. Live with the consequences. Yes, you will get it wrong sometimes, but those are learning moments. You gain experience from the missteps, which makes you a better businessperson and leader.

I believe it is better to try and fail than to have never tried at all. Wasting time so that you can avoid making scary decisions means that opportunities are missed and will never be recovered.

Why Do People Procrastinate?

Often, it is simply fear. Some, including entrepreneurs and business leaders, lack self-belief. They are afraid of the possible outcomes and uncertain about how to handle the unknown. Making big decisions that could shape their company’s future is out of their comfort zone.

Sometimes procrastination is down to complacency. We find comfort with what we have and would rather settle than take risks to grow, as a person and as a business. They figure it is better to say ‘this will do’ than potentially upsetting the apple cart to achieve more.

Again, this means opportunities for business success are lost and taken by others. While you avoid big decisions through procrastination, telling yourself you are happy where you are, competitors make those choices. They achieve the results that could have been yours. Ironically, competitors’ success can damage your bottom line, meaning that your efforts to maintain the status quo result in your turnover and market position being negatively impacted.

How Do People Procrastinate?

Most often, entrepreneurs and business leaders who are afflicted with procrastination prioritise other tasks. If you are too busy to tackle the big choices, perhaps you can convince yourself you are not avoiding them – you just haven’t reached them yet.

They fill their time with what I call the ‘one-pound tasks’. These are the small-scale, simple decisions that will have limited impact on the business, whether they are right or wrong. They aren’t to be feared.

These are tasks that can, and should, be delegated so that you can focus on your role as a leader; taking the substantial decisions that will shape the company’s future growth.

I will confess that in my own professional life, I have been guilty of procrastination. With a major ‘make or break’ decision weighing on my mind, I have found trivial matters to fill my days so I can tell myself I simply don’t have time to consider the situation yet.

The result is missing the opportunity making that decision could have delivered.

Stop Procrastination

Time is finite, so don’t waste it on procrastination. We know this in our personal lives, before we take the leap of marrying, having children, or buying a house. We know it might not work out exactly as planned, but we take that step because life moves quickly.

Be the same in business. Give every decision careful and thorough consideration, but do not let fear of getting it wrong prevent you from taking a stance.

Don’t be so afraid that you waste time.

Make your decision and stand by it. If you procrastinate, opportunities will be missed. Your niche in the market will be taken by someone else, that excellent candidate will fill someone else’s vacancy, that potential partner firm will start looking elsewhere.

Accept that decisions can go wrong and that failure exists. But see failure for what it is. It is a chance to learn lessons, to develop, to become stronger.

Failure is a possible consequence of stepping up and making a decision; failing to make a decision guarantees limits to your success.

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Brendan Beeken is an Entrepreneur, Commercial Strategist, Investor, Philanthropist and the Founder and Chairman of cryptocurrency exchange?Moni Talks. By sharing his business journey, both the successes and failures, and his personal values and vision, he hopes to inspire and assist fellow businesspeople and budding entrepreneurs.?Find out more at?brendanbeeken.com