There is a cost of procrastinating! Count this cost as well! by Dane King
The free dictionary defines “procrastinate” at http://www.thefreedictionary.com/procrastinate
To put off doing something, especially out of habitual carelessness or laziness.
To postpone or delay needlessly.
Think about something you have been procrastinating about and do it because there is a cost of procrastinating. Better yet, if you are a habitual procrastinator, count the cost of your procrastination since it can reduce your personal wealth and limit your business growth.
Here is an excerpt from an online article on CBS news, “The Staggering Cost of Procrastination”, http://www.cbsnews.com/8301-505125_162-30940345/the-staggering-cost-of-procrastination/
“A recent study by research firm Basex puts the “cost of unnecessary interruptions” in terms of lost productivity and innovation at a shocking $650 billion. Merlin Mann blogged about the cost of the e-mail “ding!”; that little sound supposedly costs theU.S.economy $70 billion a year, according to The GuardianUK. Big numbers are impressive, but procrastination also hits the pocket book on a small scale. In 2002, 40 per cent of Americans waited till the last minute to file their taxes — and that procrastination cost people an average of $400.”
Of course sometimes some decisions require careful thought and reflection before implementation, but then there are those decisions which one makes and remains on the “implementation shelf” attracting dust! These are the ones we should be concerned about.
Procrastination may not be a problem at work, since the Manager is looking over your shoulders, but what about at home, the personal finances and the dreams you have made but never did anything about? If you don’t there is a cost of not doing anything:
1. Lost business opportunities
2. Lost revenue
3. Adverse reputation risk effects in terms of reduced credibility and trust with family, friends, colleagues or clients, who rely on you to do what you say you will do
4. Time lost can never be recovered and there is a cost of lost time
5. Disastrous financial consequences may result from procrastinating. For instance, the person who procrastinates on getting income and lifestyle protection products like life, insurance, health insurance, disability insurance,etc in place. When ready to apply for these products which are medically underwritten for personal plans in the main, he/she may be uninsurable due to deteriorated health or be rated and have to pay a higher premium. Alternatively, the premium may have increased whilst procrastinating.
6. Lost promotional opportunities at work, etc.
So is the procrastination a temporary anomaly or is this a way of living? Is it minor or is it severe? Do a self assessment today! Maybe it is time to get a counsellor or mentor to help you make that change in behaviour. Maybe it is just a matter of affirming that you will do today what you say you will do and get going at it. Either way, time waits for no man and the early bird catches the worm!
Mitigate losses and stop procrastinating today! Do a great job in reducing procrastination and increase your personal wealth and business profits faster!
Have a great week!
Dane King is the President of Stratking Advisory Services Inc., a full service firm for professionals and small businesses at www.stratking.org Dane is a Certified Management Accountant, Chartered Marketer and Financial Management Advisor. Dane is a public speaker on a variety of wealth management and small business issues. Stratking Advisory Services Inc. provides wealth management services to professionals and professional services to small businesses. Dane can be reached at 647-340-3801 firstname.lastname@example.org. Stratking Professional Lifestyle Hub Group is sponsored by Stratking Advisory Services Inc.