The process of managing one company is too complicated. Things get even more complicated when a person must manage multiple companies at once. If you want to manage multiple companies at once, here are a few tips for managing multiple companies that will always be useful.
1.
Get a Partner for Other Businesses
You should be the sole owner of just one
business. You should bring in a trustworthy partner or a team of partners that
can cover for you if you are not available for all other businesses. It will
help reduce your physical, mental, and time-related demands.
2.
Pick a Business Carefully
If you pick the third business, you need to
choose something that you don’t need to get involved in too much. For instance,
you can run a small property
management company where you can quickly visit occasionally and let a
manager manage the daily work.
3.
Stick to a Schedule
You need to carefully schedule your days,
weeks, and months to ensure that you juggle multiple businesses effectively. If
needed, use a time or day planner to ensure that you stick to a schedule and
don’t let just one business demand dominate the rest.
4.
Make Quick Decisions
When all your businesses need your attention,
you need to develop the skill of quick decision-making. You should make quick
decisions on urgent matters and consider most matters as urgent. Do not waste
too much time overthinking stuff.
5.
Review Your Priorities Daily
It is also highly recommended that you review
your priorities for the next day in advance. Make a habit of doing it daily and
shifting the unimportant tasks at the end of the week.
6.
Choose the Right Team
Recruit and pay for highly qualified employees
who can manage your business for you and save your time and efforts. It is also
a smart idea to give them some power or control so that they don’t over depend
on you for every little thing.
7.
Focus on Work-Life Balance
You also need to ensure that you have a proper
work-life balance. If you don’t have proper rest, relation, family time, and me
time, you will burn out quickly and stress yourself beyond the normal limit.
8.
Make Data Access Easy
When accessing data is easy, your life will be easier.
You should keep all your data on the cloud
to access it anywhere and anytime you want. Do not forget to passcode the
important and confidential data so that it stays secure.
9.
Don’t be Too Stingy
If you are running multiple businesses
successfully and earning a lot of money, it’s smart not to be too stingy and
care about small expenses. For instance, if you think about saving on office
supplies too much, it might take a lot of your time to be worth it.
by Shruti , BNS Business News
Source:
https://www.forbes.com/sites/theyec/2020/05/29/nine-tips-for-managing-two-or-more-businesses/?sh=10dba1884345