Ambitious entrepreneurs often take on more than one business venture at a time. Running various businesses can be demanding, but it also increases your chances of success. While your brilliant idea might look good on paper, in the real world, it could flop. Having another business to turn your attention to might mean that you are able to continue to grow your opportunities. As much business can easily be conducted online, managing multiple projects is easier than ever.
So how do you go about running multiple businesses at the same time?
Take on More of a CEO Role
CEOs make corporate decisions, serve as the main point of contact, and manage the overall operations and resources of the company. If you’re going to have multiple businesses, you need to take on a lead management role.
This means you need a team of people you can trust to do the actual day to day running of your operations, while you are the ideas person, leading from behind. You cannot micromanage projects or be too closely involved, you need to step back and be an overseer of all of your projects.
Connect Your Businesses
To make managing multiple businesses easier, try to connect all your businesses in some way. Whether you can cross-promote, repurpose content, or market your products to the same audience, it will help you avoid splitting your focus so many different ways.
Prioritize Your Direct Attention
The final say in projects should be yours, however, you do not need to oversee every decision. Once your businesses are running, you can delegate to others and focus on only making the most important decisions.
Pay attention to analytics, expenses, and core strategies so that you can assess what’s working and how to keep moving forward. Prioritize what needs your attention and delegate the rest.
Split Responsibilities with a Partner
Having a business partner can be helpful in several ways. You will have greater thinking power, larger networks, more experience and skills, and overall, greater resources to build a better business.
You can also split up tasks and focus on one end of the business while your partner focuses on the other. Generally, you want to partner with someone who you can trust and has something unique to bring to the table. The partnership should benefit both sides and you can save time and money by working with someone else without sacrificing a successful business.
Track Your Time Spent on Each Project
Tracking your time spent working on your business can help you see clearly where your time is being spent, how organised you really are and what projects are not returning on your input. Tracking your time allows you to get a more realistic view of how long certain tasks take so you can structure your day better.
Summary
Running multiple businesses is a challenge. The main obstacle entrepreneurs face is lack of time to manage more than one business. If you want to run multiple businesses, focus on taking more of a CEO role and employing a dependable team. Also, improve your time management skills and prioritize what you focus on realizing you can’t do every single thing on your own.
