Inertia spending is when you incur some expense or repeat some process or event simply because that is the way it has always been done.
The true entrepreneur conducts Regular Rolling Rigorous Reviews (love that alliteration) of all expenses, procedures, and policies. Even if just a mental process check prior to proceeding, it is vital to frequently question the why, why, why of everything. It is amazing how often precedents are religiously followed without anyone stopping to ask if the desired benefits are still being achieved and even if so, are the benefits a good enough return on the cost?
Feel good activities should be especially suspect; every organization needs some but too many can quickly dilute the critical “mission, mission, mission” focus necessary to be competitive in todays turbulent times.
A good boss, a good manager, a good leader spends a fair amount of his or her time weeding the garden:
– Improving inefficient processes
– Streamlining outdated procedures
– Cutting red tape
– Fine tuning policies as situations change
– Championing projects and people…
– Challenging and cutting non-productive expenditures