In our discussions on trends that small business owners can leverage, it’s important to also look at those that might not be so beneficial—like a drop in productivity. According to a recent survey by Slack, small business owners are missing out on about 96 minutes of productive time daily, which adds up to about three weeks of lost productivity each year. So, where is this time disappearing?
A significant amount—57%—is lost to non-work-related distractions. About 47% of it is due to procrastination, and 28% is lost while waiting for updates from various tools and stakeholders. Another culprit that’s relatively new is the switching between different apps and tools, which 17% of small business owners identified as a major time-waster. Many small business owners use up to four different digital tools a day, and a third use five or more. This constant switching can lead to more wasted time spent searching for information in the wrong places (30%) and repeating messages across different platforms (29%), which ultimately hurts productivity (24%).
The survey finds that technology implemented in isolation, or "siloed technology," is a root cause of this wasted time. In response, 59% of small business owners have brought in new tech solutions this year, hoping these tools will simplify tasks (62%), save time (59%), and enhance their products or services (51%).
Seeing some generational differences, Gen Z respondents are confident in their time management skills, with 47% rating themselves as excellent, compared to 33% of millennials, 25% of Gen X’ers, and 24% of baby boomers. To improve productivity, business owners agree the key is learning to focus better. This focus, they believe, will reduce wasted time. Millennials also prioritize using technology as a top strategy to stay productive, while Gen Z, Gen X, and baby boomers prefer setting boundaries and saying “no” when they can’t take on more work.
Highlighting the importance of tech, Jaime DeLanghe, Vice President of Product Management at Slack, emphasizes that for small businesses competing with limited resources, technology is crucial. It boosts productivity, enhances roles with AI, and fosters stronger customer relationships, driving growth.
If you or your team are falling behind, it’s a good idea to pinpoint the cause and seek tech solutions that fit your needs.
