These days, having multiple streams of income becomes a must. This allows you to mitigate risks while building your wealth. Having more than just one income gives you better peace of mind knowing you can rely on another income source in case one fails. But then, handling a single business can be complicated enough. What more if you are now balancing your time in managing more than one company?
Some billionaires and successful entrepreneurs were able to balance multiple businesses. But some of them don’t excel in running more than one brand. If you are about to start a new business venture, these tips will help you keep up with the challenge.
Invest in Building the Best Team
Even in startups, micromanaging is a great way to stop your employees from reaching their full potential. If you continue with such a practice, your staff won’t learn how to make critical decisions on their own. They won’t grow, will always rely on you, and will find it easy to leave your organization the moment a better opportunity presents itself.
Build the best team and not just one who you can micromanage. If you want to grow your business and potentially run more in the long run, you want the best to work with you. This is the only way you can manage multiple ventures without burning out.
Don’t forget to start grooming your next leaders. Keep your eyes open on employees who have great potential, leadership skills, always go beyond what is expected of them, and are willing to learn. Train qualified employees so you can relieve yourself of some roles and show there is room for career growth in your business.
Outsource Tasks You Can No Longer Handle
The same goes for outsourcing certain services. Outsourcing enables you to work with the experts minus the high costs. This way, you can have more time to focus on managing your businesses at a more cost-effective price.
For instance, you recently renovated one of your locations to improve the productivity of your staff and boost the efficiency of your business. Instead of stressing yourself about how and where you can get rid of your junk and old equipment, you can always hire a dumpster rental to get the job done. This gives you peace of mind, knowing that you won’t be violating any rules while keeping your business clean and tidy.
Try Working on Different Locations
It can be very difficult to remember all the important information regarding your business. The more business venture you have, the more information you need to maintain. Aside from keeping a notepad and using apps to keep your writing lists in handy, it is a good idea to be able to remember the information you need at the right moment.
Are you familiar with the memory place technique? This works by associating things you want to remember with parts of a venue you are very much familiar with. This can be your office in each business or your very own home.
Getting in the habit of remembering things in different places you are very much familiar with makes it easier to retain the information you need to remember. This also allows you to retain mental boundaries for each business. Associate items with specific information your brain will “file” this information on a dedicated space.
Keep Realistic Expectations
Successfully building and managing a business does not already mean you can already do the same with the next business. Having too high expectations can be deadly and lead to immense disappointments. Make sure you both plan for the good and the bad.
Keep realistic expectations on your business and what you can handle. Be positive but also prepare yourself for the worst. Invest in multiple contingency plans and you can be ready for whatever might happen to your businesses.
Don’t Forget Your Life Outside Your Business
It is a must that you keep yourself happy, healthy, and sane despite your new responsibilities. Make time to enjoy your personal life and allow your team to do their job. The moment you stop micromanaging your staff, the more they get to grow and showcase their expertise in the business.
Know your limits and reevaluate your priorities. Think of other ways to stay productive without taking your family and social life for granted. Learn the art of saying no and choose wisely whom to tell your no to.
When you reach your limit, take a deep breath and rest your mind and body. Sleep if you need to. Don’t deprive yourself of sleep or else your productivity and quality of work will suffer.
Enjoy life outside of your businesses. Even just one hour for yourself and your loved ones can help boost your mental health and improve your relationships with your loved ones. Take time to pursue a hobby and bask in that feeling of personal achievement and satisfaction.
There is no one secret sauce for managing multiple businesses. But you can use a combination of these tactics to make business management more manageable. Learn how to trust your staff and prepare them for the turnover. Leverage the skills of experts and keep your expectations realistic. Don’t forget to enjoy your life outside of work and you can better deal with multiple business ventures.