Improving Your Time Management As A Business Owner
Why is time management important?
Time is money as they say. The more time you have to invest your energy in areas that are high value, the more money you can make.
Here are 3 key insights that will hopefully help free up some of your time.
DELEGATE DELEGATE DELEGATE
We cannot stress enough how important delegation is.
To quote the book E-Myth, there are 3 positions in any company.
First is Technician
Second is a Manager
Third is Entrepreneur
What are the differences between these roles?
Make the product or provide the service
People who are managing are making sure to maintain quality and proper execution.
The Entrepreneur creates the systems for the manager to manage and the technicians to execute.
We have seen a lot of Juice Bar owners who think they are acting as entrepreneurs, however, they are in fact functioning as technicians or at best as managers.
Now, we do suggest that early on in your business you will want and need to understand how every aspect of your business works.
This is helpful because you can’t manage and ultimately build systems for things you don’t know or understand.
Clearly, you can’t become an expert in everything, but the more understanding about the way your business works, the better.
Now let’s look at the importance of having systems in your business so you can save more time.
On a general note, you should have systems in place for everything, from how you do your inventory, through to how your staff gets trained.
If, as mentioned above, during the early stages of your business you are functioning as the technician, maybe you are making the drinks and/or taking orders, you need to be doing this from the P.O.V of how can I improve things here, what systems can I put in place to help support other people in this role in the future.
Everything should be documented, with clear instructions on how to carry out each task. This will help to keep things consistent and also free up your time as it will automatically answer a lot of questions your staff might be asking. It will stop them from calling you all the time.
Training manuals for new hires, for example, are a great way to standardize the training process.
Ensuring you have proper systems in place will be guaranteed to save you heaps of time in the long run, so this is something we strongly recommend you invest your time and effort into when you are first starting out. You will not regret this.
LEAVE 25% OF YOUR DAY FREE
Another mistake we have seen Juice bar owners make is that they plan their days and end up having no free time whatsoever, with 100% of their time scheduled.
We would recommend keeping 25% of your day free for any unforeseen issues or emergencies that might pop up.
If your day is allocated and something comes up that is super important and you don’t have time, you then have to make a difficult decision which ball to drop.
If you have this extra time, you can use it if something urgent comes up. If not, great, you have some extra time you can invest in something else.
We hope these tips are helpful to free up your time so you can continue to grow and thrive within your business.
Like what you read but not quite sure how to go about implementing these things? Reach out to us. We would be happy to help.