How To Run Multiple Businesses At Once

Entrepreneurs with big dreams are never satisfied with small achievements. They are always aiming higher and planning to increase their profits. With remote working becoming a norm, many are spreading their roots by acquiring small businesses for extra income. For example, if they are running an e-commerce venture, they buy a shipping company to get the goods delivered and tracked effectively.

Running multiple businesses helps to double or quadruple the revenue. However, it also amplifies risks and challenges. Thus, entrepreneurs with more than one business need to prepare strategies that help them juggle between entities successfully. The key lies in finding the right talent and delegating responsibilities to manage the workload. Here are a few tips for running multiple businesses at once without hassles or stress.

1. Keep the Businesses in the Same Territory

When you purchase a business for sale Sydney, in addition to running a company, you need to make sure that you are operating in the same geographical region. If the other business is too far away, you may not be able to be physically present at the location. Although remote working has reduced the need to show up in the office, a personal touch from the leader makes a lot of difference to the employees.

The owner speaking to them face-to-face can help in boosting their morale and make them feel emotionally connected to the brand. Thus, entrepreneurs can save a lot of time if they have businesses in the same vicinity or building in New South Wales.

2. Look for Similarities in the Businesses

Most businesses work on unique ideas but have the same demands, such as recruitment, administration, marketing, accounting, sales, etc. When running multiple businesses in NSW, it makes more sense to collaborate and use ideas from one space to improve another.

For example, if the production department of the first company is performing exceptionally, you can use the proven process in the second company. Tweak the methodologies to suit the needs of the unique product you are manufacturing and enhance your productivity. You can even make the staff collaborate to brainstorm on similar projects for different businesses to develop exclusive growth ideas.

3. Hire Experts for Specialised Tasks

The multi-business owner must find trusted people with the skills that are needed to run your businesses. Empower team managers and seniors to make informed decisions by equipping them with advanced technological tools like project management software. They must have a clear understanding of the business goals and the visions of the company.

Conduct online meetings with them regularly to track the progress of projects and help them with suggestions and advice. Make sure that you allocate the required budget and resources to all teams in different ventures to avoid constraints and delays. You can also outsource time-consuming tasks like accounting, graphic designing and digital marketing to keep the processes streamlined and well-managed. It will help reduce the burden and free up your time to look into development.

4. Don’t Worry About Small Business Challenges

If one of the businesses faces disruption or downtime due to some technical problem or internal dispute, do not let it hamper the other business. Remember to tune off the problem when working on other important things. Challenges are part and parcel of running a company, and you cannot avoid them. Learn from your mistakes and develop winning strategies.

Stop blowing small issues out of proportion because the trivial things do not matter in the long run. If you have recently acquired a business for sale in Sydney, maintain a positive mindset and help others to feel motivated to give their best. As the owner of the businesses, you need to keep the spirits high and work on finding solutions rather than mulling over the problem. Get things sorted through discussion and effective decision-making.

5. Organise and Rule Multiple Entities

Divide your day between different companies to balance the amount of focus and time you need to pay to them. The best way to do this is to create a daily schedule based on the priorities. Create to-do lists and calendars to stay on track and avoid missing deadlines.

Use online tools or a virtual assistant to organise your day and get things done. It will help you devote time to each business and efficiently complete tasks. You can use a time tracker to check the time spent on various meetings and assignments and plan your day accordingly.

6. Monitor Business Performance and Analyse Reports

The business owner has to ensure that they are moving in the right direction, and this is possible if they keep monitoring the performance. They need to check the milestones achieved in each quarter and analyse the financial reports to understand the bottom-line. It helps on staying on top of your businesses and maintaining your control.

A SWOT analysis of the business is helpful in identifying its strong areas that must be enhanced and weaknesses that must be eliminated. Market research can also help in this regard by determining the opportunities for expansion and staying away from the threats. It helps in building capabilities and improving processes based on the results to ensure the business goals are getting accomplished and the entity is progressing.

7. Find A Mentor or A Business Partner for Support

Multi-tasking can help you save time and energy to run two or more businesses simultaneously. However, you need guidance and support from a reliable and learned professional who can show you the growth path. Business partners not only share the workload but also provide advice, ideas, and access to their network and help secure funding for expansion.

Similarly, a mentor can offer the feedback and insight you need to advance and scale up when you acquire a Sydney business for sale. They can help the entrepreneur find investors, clients, and talented candidates for different roles and offer a fresh perspective and a wealth of knowledge. It becomes easier to manage multiple businesses with a trustworthy veteran or partner’s assistance.

Wrapping Up

The nature of business ownership does not change with the number of entities under the control of the leader increasing. Entrepreneurs need to manage their time and follow the tips mentioned above to run more than one business efficiently.