Do you dream of growing a business empire with several different ventures under your control? Many successful entrepreneurs strive to expand beyond a single mom-and-pop shop by starting or purchasing additional companies in various industries. At first thought, juggling many responsibilities simultaneously seems impossible. How does one person keep close watch over numerous operations?
Well, overseeing a portfolio of businesses indeed requires lots of effort, planning, and cooperation from a strong team. However, it is possible to skillfully direct multiple companies at the same time through diligent work. Several accomplished entrepreneurs have built very large and diversified business groups this way.
Here are some practical recommendations for running various companies concurrently without becoming overwhelmed.
Related: How to Successfully Run Multiple Businesses
1. Devote time blocks to each company
One important thing is setting aside certain hours or days to only focus on one business. Pick certain times of the week for certain companies so you can give each one the attention it needs without getting mixed up.
For example, you might decide Mondays, Wednesdays, and Fridays are for Company A, while Tuesdays and Thursdays are for Company B. In the mornings, work on paperwork, emails, and planning for both. In the afternoons, switch between the businesses to get work done. Having specific windows of time keeps you from constantly switching between companies and losing your train of thought.
2. Divide leadership duties among trustworthy teams
Instead of trying to control every little detail yourself across all the businesses, put together strong management teams for each company. Give leadership roles and duties to reliable employees or partners you trust. These teams will take charge, and you can watch them from above.
Have clear organizational structures in place and make sure people can communicate. Let your inner circles make day-to-day choices while keeping your goals and values in mind. This shares control and lets you focus your attention where it is most needed instead of feeling pulled in too many ways.
Related: How to Successfully Found Two Businesses (at the Exact Same Time)
3. Use technology for productivity and automation
The digital world has given business owners remarkable tools to get more done. Use programs, systems, and apps that can automate repetitive chores or connect your operation.
For example, accounting software can automatically handle billing and money reporting. Customer relationship software keeps track of sales and interactions across businesses. Project managers like Asana or Trello help coordinate tasks and progress company-wide. Try to automate as many standard processes as possible with technology.
4. Outsource non-core roles and duties
As the leader, you do not always need to do the work yourself. Identify positions or work that are not crucial to your company’s core functions. These peripheral but still important roles can potentially be outsourced to freelancers or third-party services.
For example, having a virtual assistant service handle basic administrative or customer support duties on certain projects. Or contracting an accounting firm to handle bills, payables, and taxes across businesses rather than trying to learn accounting yourself. Outsourcing non-essential functions lets you maintain a laser focus on running and growing your ventures without getting overwhelmed by less important details.
Related: 4 Tips to Help You Run Multiple Businesses
5. Conduct regular company meetings
Even when juggling a lot, having a steady schedule is crucial. Depending on the industry and project stage, have regular check-ins like daily progress reports, weekly updates or monthly strategy sessions.
These touchpoints give staff clarity on what matters most and accountability. They allow you to keep an eye on everything happening inside each business. You can hold different kinds of meetings — some focused purely on day-to-day operations, others for coming up with innovations or tackling issues. Regular communication maintains direction and momentum even when you cannot always micromanage. You just need to stick to your meeting calendar diligently.
6. Practice strict financial management
Proper money management underpins the success of multiple companies. Keep independent and transparent books for each business. Track income statements, balance sheets, and cash flows accurately. Monitor finances like a hawk and do not commingle funds across ventures unnecessarily.
Be reasonable with capital allocation and reinvest profits strategically. Pay close attention to accounts receivable and payable- because you need to manage banking, invoices, payrolls, and expenditures with discipline. Just try to automate financial record-keeping as much as you can. You can hire professionals like bookkeepers or accountants when required. This gives you more time for important big-picture thinking and problem-solving, especially when you cannot watch expenses directly 24/7.
7. Set achievable milestones
Work towards defined targets and objectives for each business on a steady timeline, like quarterly goals. Remember to set milestones that can realistically be accomplished given limited time. But take a moment to celebrate small wins to stay motivated. For example, launch a new product line within six months, grow web traffic 15% quarterly, or get three new distribution deals by year-end. Your progress should feel motivating rather than stressful.
If you want to run multiple businesses, don’t try to go it alone. Seek out other successful multi-business owners and learn from their experiences.
Read the full article here
