Entrepreneurs of all generations are losing weeks productivity each year for “wasted time,” according to new research.
The poll surveyed 2,000 US small business ownerssplit evenly across generations and found that the average respondent wastes an hour and 36 minutes each day on tasks they consider unproductive.
This “wasted time” adds up to over three weeks of work per year for small business owners.
Commissioned by Slack and conducted by Talker Research, survey revealed the biggest time wasters that respondents deal with.
These include non-work-related distractions (57%), procrastination (47%) and the seemingly endless wait for status updates (28%).
But a new productivity killer is emerging: context switching between multiple apps and tools (17%). With the average entrepreneur surveyed juggling four different digital tools every day – and nearly a third of them using five or more digital tools – the cost of technology fragmentation is becoming apparent.
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Three in 10 respondents waste time looking for information in the wrong places, while 29% find themselves repeating messages across platforms.
“Business owners today juggle multiple tasks and tools. While digital tools increase productivity, constantly switching between apps can hinder efficiency,” says Jaime DeLanghe, vice president of product management at Slack. “Successful entrepreneurs are learning to streamline their digital workflows, allowing them to focus on growing their business and better serving customers.”
While all respondents deal with “wasted time” throughout their workday, the survey broke respondents down by generation to see who they thought had the strongest time management skills.
The survey revealed that General Mr small business owners consider themselves the best at managing their time, outperforming older generations by a significant margin.
It found that 47% of Gen Z respondents said they are “excellent” with time management in general, compared to 33% of millennials and only a quarter of Gen X (25%) and Baby Boomers (24%) .
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Interestingly, the study found that across generations, the ability to focus on what's important was the top factor in helping with productivity (69%).
From there the generations have different opinions. Gen Z, Gen X and Baby Boomers reported that setting boundaries and saying “no” when they are unable to take on more work came next in importance. However, millennials prefer to use technology to keep themselves on track.
And this millennial enthusiasm for technology may be spreading. A significant proportion of small business owners (59%) introduced new technology this year, aiming to simplify tasks (62%), save time (59%) and improve their products or services (51%) .
“It's encouraging to see small business owners — no matter their age — embracing technology to drive productivity,” says DeLanghe. “To be successful in such a high-pressure role, it is essential that entrepreneurs choose tools that integrate seamlessly and simplify processes rather than complicate them. This will go a long way as they strive to more in less and less time.”
