Often I equate time with money and time is one of the things so many people generally seem to undervalue.
For Construction Contractors who generally are on a fixed price for a contract having gone through a labour intensive, thereby cost intensive, tendering processes, they sell their management and workforces time for a few pounds an hour.
Maybe this under-valuing of time is one reason why companies seem so disinterested in how much of their employee’s time, that they are paying for, is going down the drain!
But time is VERY valuable. We can never get it back, once it’s gone, it’s gone! So it shouldn’t be wasted.
So – who pays in £’s? Well generally it is the owner/managers and shareholders that it hits in the pocket. Clients still get their project delivered and employees still get their wages. It’s the building contractors business owners who get landed with the bill for poor performance.
Majority of wasted time, pouring money down the drain, comes from ineffective management – here are just 5 examples for you to review:
Being a Know-It-All Boss
Ineffective Managers avoid discussions that might reveal their ignorance, belittle the true expertise, and then (often unconsciously) recruit and retain second-rate employees, who will continuously depend on them (thereby making them feel important and needed).
Effective Managers surround themselves with the smartest and most talented people they can employ (or hire sub contract). They use the expertise of the entire group in order to make better informed decisions.
Managing From Behind A Computer Screen
Ineffective Managers spend more time with their computer than with their employees.
Effective Managers consider supervising and coaching their staff to be top priority and trust that investing in people development and their own management skills will lead to business improvement and more profits.
Refusing to Delegate
Ineffective Managers believe that delegating makes them less important. They therefore cling to their authority, relinquish it with great reluctance, and then micromanage the results, hoping (secretly) that the employees will conclude that the boss is essential.
Effective Managers know that delegating makes them more important. They realise that there’s a limited amount of time in each day and every hour spent doing something an employee could do, especially at a lower cost per hour, is just an hour wasted.
Expecting Employees to Read Your Mind
Ineffective Managers believe employees will stay on their toes if they never know exactly what the boss is thinking. When such bosses provide feedback, it’s something like: “That’s not it!” or “Back to the drawing board!”
Effective Managers are explicit and specific about what they want and what needs to happen. They explain exactly how every project will be measured, and intervene to realign only when those measurements show the project is going awry. Providing constructive feedback to achieve improvements. (Can strongly advise this as a skill to develop within your business to bring about massive improvements)
Not Making Decisions
Ineffective Managers are afraid to take a stand. If asked for a decision, they’ll say “I have it under consideration” or “I’ll let you know next week”.
Effective Managers realise that delaying a decision is, in itself, a decision—and usually it’s the decision to fail. They therefore make decisions quickly, without expecting or requiring exhaustive analysis and debate.
What to do next?
Now grab yourself a cuppa and in a quiet space ask yourself these questions.
“In which area can I change what I am doing in order to become more effective?”
“If there was 1 other thing I have been avoiding changing – what is it?”
“What has stopped me taking action previously?”
“What can I do now to get the ball rolling with this?”
Don’t let allow your emotions or personal comfort zones to dictate the plans. Take responsibility, go where it is smart to go, do what it is smart to do.
Of course, there are hundreds of other time-wasting behaviours. Start working on the few above and you’ll be well on your way to dramatically improved results.