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Do you dream of growing a business empire with several different ventures under your control? Many successful entrepreneurs strive to expand beyond a single brick-and-mortar store by starting or purchasing additional businesses in various industries. At first glance, combining many responsibilities at the same time seems unimaginable. How can one person rigorously supervise multiple operations?
Well, overseeing a portfolio of corporations does require a lot of effort, planning and the cooperation of a strong team. However, due to conscientious work, you possibly can skillfully manage many corporations at the same time. Some great entrepreneurs have built very large and diversified business groups this manner.
Here are some practical recommendations for running multiple businesses concurrently without feeling overwhelmed.
1. Dedicate blocks of time to each company
The necessary thing is to put aside specific hours or days to focus on just one business. Choose specific times of the week for each business so that you may give each of them the attention it needs without any mistakes.
For example, you would possibly resolve that Mondays, Wednesdays, and Fridays will probably be for Company A, and (*7*) and Thursdays will probably be for Company B. In the morning, handle paperwork, emails, and scheduling for each parties. Switch between corporations in the afternoons to get work done. Having specific time windows prevents you from consistently switching between corporations and losing your train of thought.
2. Divide leadership responsibilities among trustworthy teams
Instead of trying to manage every little detail in every company yourself, assemble strong management teams for each company. Entrust management roles and responsibilities to reliable employees or partners you trust. These teams will take over and you’ll have the opportunity to look at them from above.
Create clear organizational structures and make sure people can communicate. Let your family members make on a regular basis decisions, keeping your goals and values in mind. This gives you control and permits you to focus your attention where it’s needed most, quite than feeling pulled in multiple ways.
3. Use technology to extend productivity and automation
The digital world has provided business owners with incredible tools to realize more. Use programs, systems and applications that may automate repetitive activities or connect your activities.
For example, accounting software can robotically handle billing and money reporting. Customer relationship software tracks sales and interactions between corporations. Project managers like Asana or Trello assist you coordinate tasks and make progress across your organization. Try to automate as many standard processes as possible using technology.
4. Outsource non-core roles and responsibilities
As a leader, you do not at all times have to do all the work yourself. Identify positions or jobs that are not core to your organization’s core functions. These peripheral but still necessary roles can potentially be outsourced to freelancers or third-party services.
For example, having a virtual assistant service to perform basic administrative or customer support duties for certain projects. Or outsource accounting to an accounting firm to handle accounts, payables and taxes for various corporations quite than learning accounting on your personal. Outsourcing non-essential functions permits you to focus on running and growing your ventures without being overwhelmed by less necessary details.
5. Conduct regular company meetings
Even if you are juggling a lot, having a consistent schedule is key. Depending on your industry and project stage, conduct regular check-ins similar to every day progress reports, weekly updates, or monthly strategy sessions.
These touchpoints provide employees with clarity on what’s most significant and accountability. They let you sustain to this point with every little thing that is happening inside each business. You can hold several types of meetings – some focus solely on day-to-day operations, others focus on innovation or problem-solving. Regular communication maintains direction and momentum, even if you possibly can’t at all times micromanage it. You just have to stick with the meeting calendar rigorously.
6. Practice strict financial management
Proper money management is at the heart of the success of many businesses. Keep independent and transparent books for each company. Closely track your profit and loss statements, balance sheets and money flow. Monitor your funds like a hawk and don’t unnecessarily mix funds between ventures.
Be judicious in your capital allocation and reinvest profits strategically. Pay close attention to your receivables and payables because you’ll want to be disciplined with your banking, invoicing, payroll and expenses. Just attempt to automate your financial record keeping as much as possible. If essential, you possibly can hire specialists similar to accountants or bookkeepers. This gives you more time for necessary, big-picture pondering and problem-solving, especially when you possibly can’t directly monitor your spending 24/7.
7. Set achievable milestones
Work on specific goals and objectives for each company over a consistent time period, similar to quarterly goals. Be sure to set milestones that may realistically be achieved in a limited period of time. But take a moment to rejoice the small victories to remain motivated. For example, launch a recent product line inside six months, increase web traffic by 15% quarterly, or secure three recent distribution deals by the end of the yr. Your progress must be motivating, not stressful.
If you ought to run multiple businesses, don’t attempt to do it alone. Look for other successful multi-business owners and learn from their experiences.