Business Management

The Art of Multiple Business Management Deciphered

There are many entrepreneurs who run more than one business. It might seem to be an impossible task for those who are still struggling with just one business. But it is possible.

Why run two three businesses you might ask?

Well, running two three businesses together comes with the following benefits:
1. It improves your financial security
2. It makes you use your skills and this keeps your business mind in shape
3. It gives you more chance of realizing your dreams

Entrepreneurs who had been thinking that maybe they might venture into another business need not think that they are aiming at the impossible. A little effort would go a long way in helping them to reach a state where they are successfully managing many businesses together and gaining the most out of it. Here is how you can make your work easier.

1. Write down Everything:
The entrepreneurs of the past carried a pen and paper with them. Some of the successful ones of today like Richard Branson still do. He has also famously have gone to say that his notebook is his most prized possession. If you are not one of those pen and paper types maybe you can write everything a notepad. There are many benefits of writing things down when it comes to handling businesses. To quote the Greek Shipping Billionaire Aristotle Onassis about it he said,
“Always carry a notebook. Write everything down. When you have an idea, write it down. When you meet someone new, write down everything you know about them. That way, you will know how much time they are worth. When you hear something interesting, write it down. Writing it down will make you act upon it. If you don’t write it down you will forget it. That is a million-dollar lesson they don’t teach you in business school!”

2. Focus on Location:
It is important that entrepreneurs understand the benefit of having a close proximity to all the business locations that he/she handles. Some entrepreneurs are lucky enough to run their businesses from home. For those who are not can always decide on having the offices close to each other. To give an example, the headquarters of Square and Twitter are across the street in San Francisco. Needless to say it works quite well for Jack Dorsey.
Be wise on choosing a location. The right location can help you save time and lot of money.

3. Follow a Schedule:
Following a schedule always helps. The big guys of business have been made into the business inspiration that they are because of the maintained schedules.
While handling two-three companies together, it is important that you stick to a schedule and follow up on the work like that. Keep your employees and the work plans in sync with your schedule and never move away from it. This will help you to reach targets on time, manage things properly and also give you that extra hours that you might need if in case you have messed up in your work.

4. Pick Your Projects:
It is important that you choose what projects work for you and leave what does not work for you. Spending time on something that you know won’t work for you anyway is a waste of time. To quote Richard Branson on this,
“You need to learn when to go forward and when to say no, which can be difficult, especially if you prefer to say yes, like I do!”

Always evaluate what is working for you. If there is anything that is possibly draining your money and time do not waste time on it. Focus on cutting down your losses and then move ahead.
5. Build a Team that is Efficient:
A company must have a team that has the following qualities in its members.
•Hire the employees that match your businesses need
•Establish clear work processes
•Create a workplace that encourage learning
A great team helps you to lighten your work pressure immensely. The successful people in business do not do everything on their own but rely a lot on their team.
To quote Elon Musk,
“My role is to make sure they have the environment where their talents can form. I work with a great team.”

6. Prioritise Yourself:
It is important that you prioritise yourself. It is not easy to provide for others when you yourself are struggling.
Yes, even if you are handling a lot of businesses together it is important that you know that you are doing all for yourself. You should therefore focus on your own well-being. Find time out for yourself when you can unwind and relax. Prioritize your health and things that matter to you. This will surely keep you energized enough to face the challenges stronger.
Entrepreneurs who do not make time for themselves have a lot to lose out on. They are the ones who have an early burn out and have to get themselves treated to be able to recover and handle the work at hand. Always remember that it is your dream you are working for and for that dream to be materialized you need to be the first person to be okay.

Running one business is not easy and running two three businesses together might seem like an impossible thing to think about. But there are people who are doing it and excelling in it. The passion and the dream is what keeps them going. While it is important to be focused and work hard, it is also important that one takes time off. This would help you to have the perfect mix of work life balance and also work on your dream with a rejuvenated energy. Give yourself time, plan out your schedule and stick to it. Back yourself with a good team and never let go of your vision. You have a dream because you have the capacity in you to make it true. Entrepreneurs who are thinking of running more than one business must go ahead after their dreams.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

Leave a Comment