Some individuals are very set in their ways. They focus on a single business venture, and concentrate on growing it. These types of people are very patient and disciplined.
But there’s another group of people who get bored very quickly. Usually referred to as serial entrepreneurs. They grow weary of doing the same thing every day. And need to nurture many business at the same time to feel confident and super successful.
When you are managing multiple businesses, feeling overwhelmed is very common. Operating one business entails taking care of creativity, manpower, problem resolutions, implementation of ideas, and analysis.
Coordinating two or more businesses entails doing the same thing except that you double or triple your efforts. When you feel overwhelmed it can affect your productivity. Which can make you feel like you are not reaching your full potential. For people like this, we have created a helpful checklist to help you run multiple businesses simultaneously.
Make faster decisions with the right knowledge
One of the first key things you need to manage many businesses is knowledge. You need to be knowledgeable about each business function. For instance, if you are running a web design organization. Don’t portray yourself as an Android App Developer if you don’t know Android code, because you will fail.
The time you take to learn the new business operation can cause the former business to struggle. Both businesses will suffer because you’ve grown very quickly yet have limited knowledge concerning the new vertical.
This principle is relevant to all types of business, whether they are offline or online. Warren Buffet summarises this sentiment well when he says “Do not test the depth of the water by putting both your feet in it”.
As many industries are expected to switch to DERV from 2022, educate yourself about it. Find answers through reading books. Gain knowledge from industry professionals. Follow your competitors. The more you pay attention to other companies, the more information you can get from them. This information will help you make better and quicker decisions. And also make you more productive.
Time management is boss
Some business owners possess the knowledge but are unable to manage multiple businesses due to poor time management. Even multimillionaires have the same 24 hours as everyone. But what makes them different is how they adopt their time management strategies.
Allocating time to manage different businesses can bring about confusion because you don’t know what to prioritize first. Having this ability is certainly an art form. And you need to master it if you want the multiple businesses you are managing to be successful.
To help, you can use software applications like rescue time to help you observe where your time is being spent. Always plan things before you do them.
Reduce workload and outsource
The truth is, doing everything yourself is impossible. The more business you take on, the more pressure you will apply to your body and brain. It’s important to maintain a positive work-life balance.
The better you are at delegating your work and outsourcing rather than doing everything yourself. The better your business will be. When you do all business functions yourself, you will become the bottleneck to your business. You will become the compass.
But if you micromanage you may encounter issues. A key reason why most business owners micromanage is that they do not trust their staff to do a good job. When you outsource, paying money to a person who may give you poor solutions to your challenges is something you don’t want to do.
A solution to both of these issues can be resolved by the recruitment process or by money. You need to recruit your employees cleverly so that you can trust them. At times you may need to pay them more but you can be certain they will get the job done properly.
Stick to your goals
By this, we don’t mean you should stick to your standard vision or mission. This implies you need to keep to your monthly, quarterly, and yearly objectives for all your businesses. This will help you tick the boxes and complete the necessary tasks which could be forgotten about during your daily activities.
Sometimes you become so overwhelmed that you don’t know what to do next. In times like this, having a goal ahead of you can help you set better priorities. In addition, once you’ve finished an important task, your motivation to work, even more, will increase.
We certainly hope that these tips can help you manage your many businesses easily. Here’s to better and greater business growth! Cheers.
