By Nick Fosberg   |   July 25, 2012

Time Management should be on every business owners mind. Are you allocating your time wisely? Do you give yourself simple tasks to do, that could be done by others? Are you a person that would drive for a half an hour to save $1.00 on a tank of gas? The point, is that your time has value. It is up to you to see that you get the most value out of your time. Developing good Time Management Skills will insure that you do.


The problem is not that there isn’t enough time, it’s that we need to keep a good focus on managing every hour of the work day. The key to success is how you allocate your time to the important tasks. Be sure to set priorities. Here is one method:


* “A” Activities: Those tasks that affect long term results. Like locking in a low per bottle cost, where the prices would escalate in the future or creating systems for attracting and retaining customers.


* “B” Priorities: These are aspects of you running your Bar Restaurant business that must be done today. Like checking inventory, ordering menus, food delivery, etc.


* “C” Priorities: Miscellaneous activities that are part of running the business, that must get done. It could be filling out expense reports, opening the mail, preparing reports and responding to employee requests.


* “D” Activities: Are things that need to be done, but can be put off for a number of days. They may include reading trade magazines, internet research, doing tasks that should really be delegated.


So make sure to focus your most productive time on the high priority items that will make a difference. Create a list of activities each day. Make a list of things to do with A, B and C priorities written beside each. Write your list on a piece of paper, in your time planner or even on a Post-It note.


Spend money to save time. People say, “time is money”, but for many of them it isn’t. They’ll spend hours doing unpleasant tasks, that they could easily delegate. They’re the same people who crave more time. But they spend their time to save money. On the other hand, successful people will spend money to save time. They hire others to do things they don’t like doing or aren’t good at. They don’t worry about spending a dollar, if it will save them an hour.


Go to a movie. Make time for balance. Working all day and night, will increase your stress level. Schedule time for boating, golfing, vacationing, or family activities, in the same way you schedule your “A” priorities. Don’t let time for the important things slip away. Plus, the experiences and insights you gain from these activities will allow you to do your job better. This is what Time Management is all about.


Above all remember, your time is worth it.

Nick Fosberg

Nick Fosberg is known as one of the highest paid, marketing and promotional consultants in the bar & restaurant industry and he owns 2 bar / restaurants in the Chicagoland area. He's famous for creating some of the highest grossing digital marketing promotions in the history of the bar & restaurant business..... without spending a penny on marketing. All done through e-mail & Facebook posts. 

Click here to get a free copy of my latest book.

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