Most entrepreneurs struggle to manage one business efficiently, let alone multiple firms!
Still, that’s not to say that it can’t be done. With the right amount of skill, know how, and determination, you’ll soon find yourself with a little corporate empire under your control. After all, it’s been said “businesses don’t fail, people do”, so as long as you’re up for the job, your businesses will be strong and successful.
But how can you make this gargantuan process easier on yourself? Are you guaranteed to be overworked and stressed out until retirement starts beckoning? Is it a constant juggling act, or is there a way to streamline all the anarchy?
Consequently, here’s how to manage your multiple businesses efficiently.
Bring Together Your Processes and Centralize Everything
If you have all your fingers in different pies, things can get complicated and messy very fast. There’s a lot to oversee and manage, and frankly, when every little thing is running differently from the next, headaches will always ensue. Your job here is to minimize the chaos and jarring variances wherever possible.
For example, you’ll find things go a lot easier when all your businesses use the same software, work premises, tools, and marketing strategies, etc. Try to use the same processes wherever and whenever you can; if it’s worked for one business, then to an extent, your strategies will work for another too. The more similarities you can implement between your businesses, the easier you’ll find it to adapt in the running of each firm.
Make Use of Schedules and Learn Prioritization
While you might be running multiple businesses, you should always try to stay away from giving them equal attention. It’s highly unlikely each firm will follow identical trajectories in terms of cash flow, performance data, marketing opportunities, SEO trends, staff and skills shortages, industry failings, etc. There’s a lot of factors in the mix here, and they will all vary when pertaining to each individual business.
Therefore, you should be prepared to refine your scheduling and prioritisation habits. Don’t put in equal time every week or day with each business; when one business is going well, pay less attention to it and instead focus your efforts on the company that’s struggling or flawed. Otherwise, you’re just wasting your time dabbling in whatever is already working well. Spend more time on the problems, and less time revelling in the successes.
Add Some Support and Managers Wherever Needed
Of course, not every problem requires your attention. After all, you’re only human, even if you’re juggling multiple businesses at once. Accept the truth in the matter; that you can’t be everywhere at once, nor solve every problem that comes your way alone, big or small. From that realization, you can make some productive moves!
For example, when it comes to the toll of the financial aspects of a business, you can allocate your sensitive work to a professional expert like RSM, who’ll work hard to support you and your businesses. Remember, you can work with others, so don’t willingly get swamped or buried under your workload. Outsource, work with other companies, and ask for help.
These solutions will alleviate the pressures somewhat and give you a clearer, healthier state of mind moving forward.