EDUCATION

How to Manage Multiple Businesses Successfully

When you have ideas for multiple businesses that you think may have real potential, it may be hard to let go of any one of them. However, running a successful business can be challenging. Adding another one to the mix can make it harder to juggle building two or more ideas into full-fledged companies. Recently, I experienced this while developing an online invoicing business and a chatbot tool.)

Since I’ve worked on multiple businesses at once, I’ve developed some tips that have helped me succeed.

1. Run both places in the same physical space.

The central location for both businesses saves on resources since they’re shared. It also allows me to easily be involved in both ventures, including meetings and on-site requirements.

“Having this central location has helped me get more done, plus staff members like to interact with each other and even assist on projects with both. (I will share how I make those cross-business collaborations possible later). As a result, I am able to maximize the assets I have at my disposal to the fullest.” According to Steven Craig CyberSite.

2. Integrate processes between the two businesses as much as possible.

When building a business, it’s important to have certain aspects in place before you get started. That’s why we encourage people to create a business plan that includes both marketing and sales initiatives early on, so they’re not reinventing the wheel down the line. Then, as a benchmark for your other business, we may be able to save time and effort.

“My colleague, who runs an online invoicing and payment company, just acquired a similar company, which enables him to combine marketing efforts and strategies. Regardless of the number of companies you run, you can still find similarities and provide your outsourced team with additional projects rather than hiring separate teams, even if you run more than two companies in separate industries.” According to Benjamin Stenson of Norsemen.

3. Decide what needs your attention first.

A lot of people will argue that it is impossible to run two businesses if you are struggling to find the time for one. Changes can be made on the fly that keep both businesses on the right path to growth by continually analyzing the data on how we are spending money in relation to our budget.

I say it’s more about what you do with that passion in terms of actually rolling up your sleeves and putting numerous tools to work to accomplish the task at hand. Instead of simply discussing it—or holding another meeting to debate it if time allows—it’s a matter of getting organized, delegating and prioritizing.

4. Don’t sweat the small stuff.

I’ve been in businesses where we all worried about things that really don’t matter in the long run. I believe you have to get on with it, stay positive, and have a backup plan in place to deal with things that arise.

When issues arise, worrying about them can waste your time—you could be taking care of the things on your list that you know you can resolve, tick those boxes, and move on. In some cases, I know how to deal with an issue in one company when it arises in the other, so worry doesn’t even occur.

5. Make a lot of lists and follow them.

I used to use a tablet list-maker, but now I use a digital version to keep track of my lists wherever I go. Any.do is a cloud-based to-do list app I use with intuitive, gesture-based functionality that allows me to create separate personal and work lists as well as integrate them if I wish. Neither I nor anyone else can escape my lists or lose track of what’s left to do.

To stay on top of everything across multiple businesses, I create tasks and items to address. I color code them by company and aspect so I can immediately identify what needs my attention at any given time.

6. You should use a time-tracking tool for your multiple businesses.

To determine if I am balancing both businesses effectively rather than spending more time on one than the other, I track my time in each. This also helps me to understand where I can improve my productivity in both businesses.

Time tracking is also used to help the team understand where improvements can be made or where more automation might be possible.

7. Maintain accountability by keeping reports on each business.

It is no secret that data can make or break a business-and with the plethora of information we can now gather, it can be a game-changer.

In order to keep both businesses on the right path toward growth, we can continually analyze the data about how we spend money in relation to our budget. It is important to keep records about how your marketing and customer experience strategies are received, including customer satisfaction, social media growth, reputation management, leads, and conversions.

8. Balance the workload of running multiple businesses with your co-founders and team.

Since I am unable to be everywhere doing everything, I work closely with my co-founders at both companies who are intimately involved in build outs and operations. Check your philosophy, what you want to accomplish and overall vision before adding partners or anyone else that has this much ownership. Having multiple businesses can be easier when I have someone who thinks and feels similarly.

It can be challenging when you’re in the process of transitioning and have to leave your current team behind. In order to go about this, it’s essential that all stakeholders are on the same page with what’s coming next. By regular communication and one-on-one sessions, you can provide an open and flexible environment where everybody can thrive and get involved in projects where they can lend their expertise and knowledge. Many of my team members told me they like the idea of working for both companies because it keeps them challenged each day.

“Entrepreneurs need to be strategic in how they allocate their time and resources, while still meeting customer needs. They also need to stay ahead of changes in the industry, which can be difficult when there are so many uncertainties in the economy.” According to Jeroen van Gils of LiFi.

9. Bring in experts to handle certain aspects of the business.

Bringing in those items means outsourcing them to multiple people so that you can concentrate on the core issues of each business rather than attempting to multitask across both on areas where you are not proficient. Rather than trying to do that work myself, I prefer to hire developers and talent from various freelance platforms. I do hire others to help both companies move forward, but they are not a replacement for me or my co-founders.

Running multiple businesses isn’t for everyone, but it is possible. It’s never boring to run two (or more) companies at once, provided you think through the above recommendations before taking on this challenge. Before you take on two companies (or more), consider how you work as part of the dynamic.

Author

Abdus Subhan is the CEO at 7star-seo-expert. He was born and raised in Pakistan where he later pursued his interest in literature by becoming a freelance blogger. He has always been a hard worker and takes great pride in his work. His skills in SEO have allowed him to help businesses boost their online presence and grow their revenue. Abdus Subhan is a firm believer in the power of hard work and dedication. He is always looking for new opportunities to help businesses grow and succeed. Contact Details: seven7starseoexpert@gmail.com

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