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Let us consider two kinds of people. The first kind of people is those with a very focused demeanor. For them, it is better to focus and direct their attention towards just one business and develop that one business unfailingly. Their unique traits are patience and discipline.
But then, we have the other kinds of people, (like you) who are exhausted by doing the same thing. They will prefer to keep attempting new challenges. This kind of people is generally perceived as serial entrepreneurs and they prefer to manage multiple businesses flawlessly and successfully.
It is simply natural to feel stressed out when you are managing multiple businesses. Why is that so? To manage a single business entails organizing manpower, expertise, execution of ideas, problem solving, exploration, and harnessing the full potential of the business.
Now, to manage two or more businesses requires you to double, triple, or in whatever way, multiply the effort needed for a single business. And if you had to run multiple businesses all at the same time, it ends up stressing you out. You likewise begin to feel like you have not attained your peak potential. If you fall in that category, then this article is for you. Follow through!
WAYS TO MANAGE MULTIPLE BUSINESSES
1. Seek Knowledge To Help You Make Better Decisions
To ensure it all goes smoothly and successfully, you must seek knowledge to help you in making informed decisions quickly. You should likewise ensure that the decisions you make are the best for your business. Nevertheless, if you are still trying to understand how the business works, then managing the other business will prove really daunting.
So, what do you do? Seek knowledge! Read as many books as you can. Do your best to find answers, observe your competitors keenly. Finally, try to gain knowledge from your contemporary in the industry. The closer you observe other businesses, the more knowledge you can get from them. The knowledge you have acquired makes you more efficient and helps make swift decisions. If you are not familiar with anything at all, employing the services of a consultant works.
2. Embrace Efficient Time Management
Most entrepreneurs know but fail to manage their businesses effectively due to “lack of time.” Frankly, the issue is not the lack of time at all. Rather, the issue lies in the lack of efficient time management.
Managing time wisely and efficiently even for just one business is tough as you fail sometimes to prioritize what activity to perform first. Managing your time wisely for multiple businesses is in essence, an art. Hence, if you must do well in managing multiple businesses successfully, you have to do just as well in the art of managing your time. Make use of software like rescue time to keep track of time and know what is next on your to-do list. Have a plan for everything before time.
3. Outsource Or Delegate Tasks To Lessen The Workload
The reality most entrepreneurs do not love to accept is that you can’t handle everything all by yourself. Plus, the more businesses you are managing, the more the workload and pressure on you to efficiently carry out multiple tasks. After all, quality is relevant in your personal life as well as at work. It is favorable to employ the art of outsourcing and delegating some of those tasks, rather than attempting to perform all those duties all by yourself. Attempting to perform all those duties yourself makes you the bottleneck to your business; hindering workflow.
4. Set Smart Goals And Stick To Them Till Fruition
By goals here, we mean smart and realistic monthly, quarterly and yearly goals for each of your different businesses. Setting goals have a magical way of seeing you finish off your tasks that might have been left behind in the absence of a defined goal.
There are some moments when you get so subdued by various tasks to the extent where you don’t know what should come next. In such a scenario, the goals you have set will keep you on track and help you prioritize. Likewise, when the enthusiasm to work is low, probably after you have just finished off a significant task. The fact that you have goals to achieve reignites your motivation and get you back on.
Truthfully, switching between different businesses can make you leave out certain important tasks. Goals cover-up that gulf! By simply keeping your sight on the goals, you will take note of every significant task. The more time and effort you expend on achieving your goals, the better your achievements and success.
Simply begin to work towards those monthly goals and be steady with your pace. In no time, you will go even farther than you had hoped to.
5. Analyze Your Different Businesses Individually
This is one facet of your business where you can employ the services of consultants. Proper business analyses enable you to deduce where there is a default or lack in performance. Periodic analysis of your finances for each business separately furnishes you with feedback on what your next course of action should be. Which of the businesses requires more scrutiny.
The analysis you carry out will provide you with different data. You can find out if your logistics are poor, your customer service is not functioning as it should, or you need more IT personnel. Each business will reveal an area where improvement is needed and an opportunity for you to generate more returns.
If you fail to conduct this analysis, there will be no insight. Hence, your actions are not justified and you have no definitive assessment of your performance. This leaves you at the mercy of various mishaps which is certainly not what you desire for any of your businesses. However, if you have analyzed your business’s performance and progress, you can pick out potential harms. You would similarly be able to identify actions that will benefit your business, both short term and long term.