5 Tips on Managing Multiple Businesses At Once
Handling a business can be tough. From managing your employees to maintaining a great relationship with your clients, your schedule is filled with tasks to do all day. Imagine how much tougher it can get when you are running multiple businesses at once.
Here are some tips to help you lighten your workload and successfully manage your business:
Focus on one business at a time
Sometimes, you might be tempted to do everything all at once because you think it would be more productive. On the contrary, it would be more efficient if you focus on one venture at a time. Put all your attention on a particular meeting or project to ensure that all your ideas and efforts are geared towards reach a specific goal.
Jumping back and forth between businesses will eat up more time without producing stellar output; therefore, practice devoting your time to a single effort and give it your best shot.
Learn to say “no”
We cannot stress this enough: you have to learn when to pass. This is one of the hardest things for any businessman. Who would not want to grab a good opportunity when it comes knocking at your door? If you feel that you have to focus on your first business, for example, be disciplined enough to decline opportunities that will sidetrack you from achieving your initial goals.
The same goes with requests from business partners or friends. When you feel like you have been working for free or overtime for non-business-related projects, learn to say no. Prioritize the development of your companies.
Create a systematic workflow
Time is of the essence when you are handling two (or more) businesses, especially when you’re managing multiple locations. Look into every business process and learn how you can cut time to simplify everything. A simple and effective system will bring you optimum results in the least time possible. Compile the processes for each department into an organized workflow for your employees to follow.
When you’ve established a system for one of your businesses, incorporate useful processes into your other business. For instance, you can look into negotiating with suppliers for both of your businesses or sharing resources across your businesses.
Get talented people for your companies
One of the best secrets to success is hiring the best people for your team. When you are handling several companies and managing multiple teams, you should have competent people you can trust to lead your projects and business efforts. Aside from providing output for the business, your people can also provide opinions and suggestions on improving your company. The right people will support your vision and help you achieve it.
Outsource your work
Getting the right people doesn’t always mean getting all of them full-time. Learn to recognize when it’s time to let go and venture into outsourcing. Outsourcing your accounting, for example, gives you more time to focus on business proposals and client meetings. Aside from cutting costs, you can also save time without sacrificing the quality of work.