Tuesday, 12 November 2013

Stop Wasting Your Time!!

While discussing with a team of young entrepreneurs I realised a few things and started observing the traits in few other companies as well: Start up entrepreneurs and owners of mid sized companies waste a lot of time. 

My observation shows the following activities which are typically undertaken:

1) Fixing furniture at office
2) Cleaning Office
3) Buying essentials
4) Dropping Cheques, doing banking related work
5) Waiting in line for small jobs
6) Trying to fix Computer (removing viruses)

These are just a few examples. In my personal opinion these activities need not be done by the owner. Yes as a startup or an owner there is a different joy in doing these activities, after all it is YOUR company, however I will try to explain why these activities should be done away with.

It is my observation with most of our clients that 20% of their clients give them about 80% of the revenue. I like to call this the 80/20 rule. I strongly feel the owner should concentrate on these 20% guys and not in the small activities which eat a lot of time.

One should understand and appreciate the concept of "core activities" and "opportunity cost" to get an insight into what I am trying to say. 

Most of the people I see feel that being busy is going to make them rich. Being busy does give you a sense of satisfaction but sit down and evaluate the  time spent on these activities by you. Are they really helping you in your top line or bottom line? I think not..

Most of these jobs can be done by a person who can be called as an assistant. For other activities you always have an option of "outsourcing" 
You shouldn't be sitting and wasting six hours just to clean up your system off viruses. Hire a guy who will do it for you for say ₹500.. There is no need for you to sit and draft those lengthy contracts (you aren't an expert) hire a consultant he will do a better job for you.

I personally spend most of the time at office relaxing. My mind is always planning my next strategic meeting, upcoming negotiation, upcoming meeting with Private Equity investor or the bankers.

Here is what you can do:

1) List out activities you do which can be done by others
2) Outsource 
3) Relax your mind and always plan your next strategic moves
4) Focus on your productive time slot. Productive time slot is a period where your mind works the best. Don't use that time for such activities. In fact never do the above activities unless very important and unavoidable.

To Conclude:

Don't waste your time on an activity which saves you ₹1000 but concentrate on an activity which can earn you ₹10,000. Being busy does not mean being efficient nor does it mean bringing in more revenues. Using your time will surely bring you closer to attaining your goals.

Ashutosh Muglikar


  1. Very useful tips and aptly described.... Loved it.

  2. Ashutosh I think Outsourcing (Doing business for others) is also a good business


  3. Yes.. Doing business for others is a very established market outside of India. Yet to develop here in India.