3 Oct 2022| O-Founders
7 Points to Keep in Mind for Managing Multiple Businesses at a Time
What do dreams cost? Nothing. Everyone is free to dream big. But after that time comes to start small. We have many live examples around us who started from a small garage and now own multi-billion dollar industries. Such business owners didn’t stop there. They diversified their ventures. They looked for more opportunities and worked from scratch, that is, started from small, again.
This is the era of new opportunities. Anywhere you turn your head; you will find a scope of starting a business. Endless options and ease to access resources have empowered small and big business owners to have multiple businesses at the same time.
But how should you approach to manage multiple businesses at the same time?
Notes are necessary to keep focusing on the task in hand. Having a notepad helps you manage and organize things. You keep track of action items and work on them individually. Once a job is done, you strike it out from the list and move on to the next one.
At the same time, if an idea or action item pops up for the other business that you have, a notepad helps you to make an instant note of it. This way, you can monitor how and where all your efforts are required and which are the priority action items for you.
There are digital notepads and to-do list making applications available that could help you to organize plans, projects & action items.
One of the common mistakes that most business owners do while expanding their business is losing focus. When you are trying to grow, make sure your current business is not getting impacted due to a lack of focus. Also, keep an eye on the details of your news business.
One business or more, you need to pay attention to all of them equally. Micro-managing at your work will consume your valuable energy and time that you require for managing multiple businesses at the same time. Hence, do the uber level job and manage your teams and allow them to focus on the output without micro-managing.
There will be instances when you won’t be available at two-points at the same time to deal with urgent requirements. Hence, you need to hire people who could manage your business in your absence with the same passion that you drive yourself. Work as a team and track the progress so that you are aware of the actions taken, even if you are not there.
We mentioned about tracking the progress. But how would you do that? Encourage scheduling weekly meetings where you sit together with your team members and discuss weekly performance reports. Such reports help you to identify blockers and action items required to meet deadlines. It helps you to give importance to a sudden sales drop or reduced web traffic. After looking at the numbers, you could make modifications to the content or campaigns driven by you.
In case your different businesses are situated in different locations, then most often, you will end up traveling to these locations. It could consume most of your time, and you won’t be able to put the effort in the long run. Hence, have a central hub for all the businesses that you manage so that you can be present in every business activity and when required without wasting time in the city ride.
Every business has common activities, such as sales, advertisements, content management, and lead generations. These activities could be brought under one floor to be managed by you. Existing templates and customer datasets could help you speed up the completion of each process. The same team could work on different projects at the same time, thus reducing the cost of hiring additional members for each of your businesses.
Once you have all the processes in one place, you need to prioritize which business activity needs more attention. Find out which business operation needs to be streamlined. Is there any possibility to automate some part of your businesses?
Running multiple businesses could be challenging at times. It won’t be a one-person game for sure in case your business required manual efforts. However, GoFounders believes every business could be automated and would require minimal or almost no human interference.
Those who become the registered founder of the GoFounders company receive access to AI-driven tools that are designed by ONPASSIVE. These smart tools help you automate and streamline business activities, starting from the ones which are mundane or redundant. Register today and get access options to operate multiple businesses at the same time without putting effort and your valuable time.
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