How missing and extending deadlines affect your business

When the Governor of the Central Bank of Nigeria insisted that the deadline of 31 January 2023 is sacrosanct, I believed he will not "shake". 

But alas! he succumbed to the pressure. Maybe he and his team did not plan the process well. Maybe he was sabotaged. Anyways, he could not honour the deadline. He missed the deadline and subsequently extended it.

Let's leave Mr Emefiele and his troubles and go to the lessons. 

How does missing and extending deadlines affect businesses?

I will start with the effect of missing deadlines will have on the customer doing business with you in future. Then I will look at how the deadline extension affects your staff and business

EFFECT ON CUSTOMER

Trust Becomes Weak

Missing deadlines brings up the question of incapability. The client begins to think that you may not be the best fit for the project. 

This feeling introduces weakness in the already established trust.

Reputation is at stake

Whether you are rendering service or tangible goods, missing deadlines repeatedly will damage your reputation. 

The negative impact will also hurt your brand image.

Loss or reduction of Patronage

When you are known for late delivery or missing deadlines, customers are unlikely to do business with you.

Remember that word of mouth can spread quickly to prospective clients.

Premature termination of Contract

If a customer is not satisfied with the milestones of a particular project, he is likely to terminate the contract before the due date. 

The more these deadlines are missed, the more your customer base depletes.

If a client terminates their contract or chooses not to renew, this can result in a financial loss for your business.

Legal Redress

Customers have different levels of temperament and patience threshold. 

In the instance of a missed deadline causing damages to the client, the customer will take legal action.

Re-negotiation demands 

When you miss a deadline, sometimes the client may want to force a review of terms which may not be favourable to your business.

Reduced client satisfaction

Even if the client reluctantly accepts your reasons for extending the deadline he may be dissatisfied with the service delivery.

Reduced ability to retain top talent

Missed deadlines can lead to frustration and dissatisfaction among team members, which can make it more difficult to retain top talent.

Difficulty in meeting deadlines can make it difficult to scale your business.

It's crucial to communicate effectively and take proactive steps to prevent and mitigate missed deadlines.

EFFECT ON YOUR BUSINESS

Productivity Drops

Imagine when you are hoping a task will be completed at a particular date and you had done your part, but suddenly the deadline is extended. 

Immediately, some team members will become less motivated and less productive.

The overall morale of the team may decrease if the deadline is extended multiple times.

Additional Cost

The project may experience additional delays and setbacks, which can lead to increased costs and resources.

The project budget may be impacted, as additional resources may be required to meet the new deadline.

You notice that at the end of the project, you must have spent more than you would have initially.

Direction is affected

With deadline extension, you run the risk of losing the sense of direction. 

The team may lose sight of the project's original objectives and goals.

Along the line, additional tasks may be added which lead to a change in the scope of the project. Mistakes will begin to occur more often.

Quality May be Affected

The quality of the final product may suffer as team members rush to complete the project.  

The fear of not meeting the second deadline sets in and the next thing people cut corners to deliver.

It encroaches into break time

The team may have to work longer hours or over weekends to meet the extended deadline.

Off days will be cancelled. Breaktime which is normally 1 hour goes down to 15 minutes. 

The project manager may have to re-plan and re-schedule the project timeline and milestones.

Contractors come in

You may need to bring in extra hands like contractors to help with the project.

You will spend time and money explaining the project to them. You may mistakenly reveal some of your trade secrets to total strangers who may "sell" them to your competition.

Stress and Communication issues

The project may experience communication breakdowns as team members struggle to keep up with the new timeline.

The team may experience increased stress and pressure as they try to meet the new deadline.

The team may have to work under more pressure, which can lead to burnout.

It's important to note that, an extension of a project deadline can have a significant impact on the project and the team members, and should be avoided if possible. When it becomes necessary, it should be done in a way that minimizes the negative effects and maximizes the chances of success.

So you know now.

To avoid future missing deadlines, try to implement the suggestions listed below.

1. S.M.A.R.T Goals.

2. Understanding the Scope of the project.

3. Get a skilled team.

4. Right tools.

5. Start working on it early.

6. Time Management.

7. Teamwork.

8. Motivation.

Wealth Accumulation: How to Get Rich and Stay Rich

Getting rich is the door to staying rich. They are two different stages, the latter is more important than the former. 

Here, I tried to shortlist some of the things the rich do that keep making them richer. 

This list is in no particular order but to start with any of these lifestyles, you need to set your goals right.

Spend Less Than Your Earnings.

The rich live below their means. This practice of being prudent in spending helps the rich to save for "emergencies" 

It is tempting to lavish money on luxuries when you have it but I advise you to restrain from it if your goal is to stay rich.

Investment is What Makes Them Richer

The rich invest in smart assets that appreciate in value, such as real estate or stocks. They get their saved money to work for them. 

Leaving the money in the bank lying idle will not give you financial freedom. To accumulate wealth that grows, the rich diversify their investment portfolio to spread risk and maximize returns.

To stay rich, create multiple streams of income, such as starting a side business.

What Does it Mean to Have the Fear of God?

For the unbeliever, the fear of God is the fear of the judgment of God and eternal death, which is eternal separation from God (Luke 12:5; Hebrews 10:31). For the believer, the fear of God is something much different. The believer's fear is reverence of God. Hebrews 12:28-29 is a good description of this: “Therefore, since we are receiving a kingdom that cannot be shaken, let us be thankful, and so worship God acceptably with reverence and awe, for our ’God is a consuming fire.’” This reverence and awe is exactly what the fear of God means for Christians. This is the motivating factor for us to surrender to the Creator of the Universe.

Proverbs 1:7 declares, “The fear of the LORD is the beginning of knowledge.” Until we understand who God is and develop a reverential fear of Him, we cannot have true wisdom. True wisdom comes only from understanding who God is and that He is holy, just, and righteous. Deuteronomy 10:12, 20-21 records, “And now, O Israel, what does the LORD your God ask of you but to fear the LORD your God, to walk in all his ways, to love him, to serve the LORD your God with all your heart and with all your soul. Fear the LORD your God and serve him. Hold fast to him and take your oaths in his name. He is your praise; he is your God, who performed for you those great and awesome wonders you saw with your own eyes.” The fear of God is

How to Prosper by Putting God First

If you have difficulty living the Christian life, it’s because your priorities are wrong. If your priorities are right, your life will

be right.

“But seek ye first the kingdom of God, and His righteousness; and all these things shall be added unto you.” (Matthew 6:33)

If your first priority is God, the rest of your life will fall into place. There is incredible power in having the proper priorities. As a matter of fact, you could sum up the problem of most people’s lives with this one sentence: They fail to put first things first.

Have you substituted busyness for seeking God, and in doing so allowed something other than God to be your first priority? How can a Christian make God his or her number one priority? How do I go about seeking the kingdom of God first?

I Believe the following five powerful perspectives offer ideas on how we can make the Lord our first priority.

Fellowship Before Worship

In Matthew 5:23-24, Jesus said, “Therefore if thou bring thy gift to the altar, and there rememberest that thy brother hath aught against thee; Leave there

thy gift before the altar, and go thy way; first be reconciled to thy brother, and then come and offer thy gift.”

If you know you are willingly wrong with your brother, you had better make things right before coming to the Lord. No one can truly worship who does not

first get right with his brother. Notice that Jesus warns against anyone having something against you, not you having something against a brother. To attempt to worship if I know I’ve

wronged another person is sheer vanity. You cannot be right with God if you are wrong with your brother.

Is there something you need to make right? Do you have debts that you haven’t paid, duty that you’ve neglected, harsh words for which you need to

repent, or gossip that needs to be put right? Then it will keep you from worshipping God.

The Spiritual before the Material

“But seek ye first the kingdom of God, and His righteousness...” The key to seeking God’s kingdom is to focus on His righteousness. Jesus said if you do

that, all these other things will be added unto you. Focus on the spiritual, not the material.

That’s hard to do in our culture. Most people put things first and God second.

But the key to

How to Praise God

Choose to have the joy of the Lord and learn to praise God better. Realize that your joy, your confidence, and your hope come from the Lord! Here are topical examples of possible, actual praises.

 

1

Begin by thinking of praying such as:

"How much You, Oh God, have done for me from day to day up until this very moment. Lord, You have all power to influence my life." -- and how about sublimating negative emotions you feel, i.e.:

"I feel You working through me; I will let my praise take form as worthwhile, peaceful actions and 'turn my anger (or rage) to higher purposes'." (Rage may seem counter-Christian, yet there is a reason for harsh emotion that you need to work on and settle proactively.)

• Guide your anger: "I praise you during my rage against" [an evil] "for a constructive, loving purpose and expression. I will not let it become vengeful or hateful". 

·         2

·         Think of Jesus' life:

"I exalt You for taking the form of a man to die on the cross in atonement for my sins and for rising again that I might share in Your life".

3

Let awareness soak in and enable you:

"I praise You for day to day life, and realizing that You gave Yourself brings gratitude for Your love that permeates my life." Try saying:

"I will not be afraid to admit my limited understandings of facts and truth". Consider: