My advice to serial entrepreneurs is always the same: simplify, systematize and manage multiple businesses like a boss.
Like tattoos, people say once you start, you get addicted. The same goes for entrepreneurs; once you start and grow one business, you hustle to build another and another.
However, you need to have a solid foundation for each company. Otherwise, they’ll crumble as quickly as you built them.
So, what’s the secret to managing multiple businesses without losing your mind?
1Hire the right people
The most important thing you can do to manage multiple businesses is to get the right people on board.
If you’re trying to control everything yourself, you’re going to fail. You need to trust others to help you.
However, it’s good to be picky about who you choose to work with for each company. Employees have a tremendous impact on your business’ success.
2Prioritize your businesses
After that, ask yourself which specific business has the most growth opportunities right now.
That’s the company you need to focus on.
Your employees can run the others while you dedicate your attention to the one that needs it the most.
The other trick is figuring out how to make two of your businesses to lean on each other. If there’s a way you can get two to work co-dependently, you don’t have to stress as much.
3Measure results
When you manage multiple businesses, it’s critical to keep track of your data and results and measure your KPIs.
If you’re not keeping track of your results, you’re just flying blind. You need to know what’s working and what’s not to make changes accordingly.
Measuring results helps you stay on top of your company. Additionally, it gives you insight into what you can do to improve.
4Create systems and operation procedures
As an owner of multiple businesses, it’s essential to have systems and operation procedures in place.
When you streamline everything, it’s easier to focus on other aspects of your companies.
In conclusion, hire the right people, prioritize your businesses, measure results, and create systems and operating procedures. All of these are the keys to success when trying to juggle several companies.
To learn more about how to manage multiple businesses, I designed a fully immersive virtual workshop for you. It will help you create a strategic growth plan and cross entrepreneurial milestones. Secure your spot at the 10X Boot Camp Interactive right now.
Disclosure: This content is intended to be used for educational and informational purposes only. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment or business decision. Investment, real estate, and business involve great risk and there is no guarantee of performance or results.
We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.
Wonderful site. Plenty of helpful information here. I am sending it to a few pals ans additionally sharing in delicious. And certainly, thank you in your effort!