Today’s business landscape is incredibly competitive. Combine this with inflation and high costs of commodities, it’s no wonder many entrepreneurs want to run multiple businesses at once.
More businesses or side hustles mean more streams of income. While it’s not impossible to run more than one business, it can be overwhelming. It involves juggling between different projects, tasks and teams.
However, managing multiple businesses is not impossible as long as you develop effective strategies that focus on adaptability, time management and organization.
How to manage multiple businesses
Run several successful businesses without overstretching yourself by embracing these tips:
1. Focus on one business at a time
Starting a new business comes with major strains on your time and income, especially during the first few months. If you try to multitask between two businesses, one or both will suffer due to the lack of focus.
Avoid over-committing when you have limited energy, time and capital to spend. Make sure that your first business is stable and offers a steady source of income before you launch another one.
2. Set your priorities
Prioritize tasks that require your attention then delegate the rest. By learning how to properly prioritize, you maintain a straight path toward success and growth. List down your tasks according to urgency and decide which ones need your immediate attention.
3. Hire skilled and talented people
If you’re dividing your time across different businesses, you’re unlikely to manage every aspect of your business on your own. This is why it’s important to work with the right people.
By hiring talented and skilled workers, you can attend to crucial aspects of each of your businesses without compromising your time or the quality of your services.
Hire people who:
- Are passionate about your business’s mission and vision
- Possess the skills that fill your knowledge gaps
- Have a good understanding of your industry
- Are willing to grow with the company
4. Schedule your days
Time management and organization are important when it comes to running more than one business. When you add another business to the schedule, you’ll run out of time for other obligations.
Scheduling your time carefully guarantees more blocks of time for other important business initiatives. It also frees up your calendar for appointments, meetings and personal time.
Check out these Work-Life Balance Tips for Entrepreneurs.
5. Invest in tools and technology
Manual processing consumes time and energy. Simplify your management of multiple businesses by investing in technology. The right tools will streamline your operations and improve business functions.
Start by investing in cloud-based software and apps. Depending on your business type, look for software and apps for:
- Collaboration
- Inventory management
- Project management
- Time-tracking
- Point of sale (POS)
- Productivity suites
- Accounting
- Payment solutions
- Communication tools
- Customer relationship management (CRM)
Using tools for automation allows for fewer errors and saves time! Make the most of technology by training your staff on how to use the tools.
6. Run the businesses in the same physical location
Having a central location for your businesses spares you more time and resources. It also lets you attend to both ventures, especially if your physical presence is often needed for meetings and other onsite matters.
7. Don’t sweat out on the small stuff
Focusing too much on small details daily can distract you from the bigger picture. Therefore, any business owner managing multiple businesses must prioritize and work accordingly.
If multiple issues occur in one day, list down the issues from big to small then work on them.
8. Learn from previous mistakes
One of the best things about starting another business is you bring wisdom from your previous ventures. When making your business plan for this new company, consider the mistakes made before and the solutions created to resolve the issues.
This speeds up the completion of business processes and points out areas for improvement.
9. Outsource some processes
An extra set of hands is always appreciated. Feel free to outsource projects to experts and their teams so you can focus on important aspects of your business. This is more fruitful than multitasking across different ventures. Focus on thriving by bringing in experts to handle other areas of all your businesses!
Let Ninja Van streamline your operations
Ninja Van is here to help businesses scale up faster and easier. Our goal is to simplify your processes by taking the load of complex logistics princesses off your shoulders.
How do we do this?
- Storage and fulfillment simplified! NinjaFulfillment offers a cost-effective way to manage your inventory and speed up fulfillment. Ninja Van maximizes the efficiency of our Southeast Asia fulfillment warehouses to keep costs at reasonable prices. Plus, you save on warehouse storage rental, manpower, and other costs! Trust us to provide stress-free and reliable fulfillment.
- Easier retail and inventory restocking! NinjaRestock is a fast and affordable way to restock your stores! We streamline your supply chain and deliver your goods when you need them, where you need them. This service is optimized for corporate and small businesses that require less-than-truckload (LTL) or full truckload (FTL).
- Hassle-free logistics! We hustle along with you when it comes to offering top-notch logistics solutions. We use the latest technology to ensure efficiency in every parcel journey.
Managing multiple businesses is a brave venture that requires all hands on deck. Secure their success by ensuring you have the right strategy, tools and people with you. And Ninja Van is eager to be a part of your winning team.
Get in touch with our logistics experts today!
More helpful tips for your growing business:
10 Tips for Effective Cash Flow Management
Effective Strategies for Scaling a Business
How to Avoid Bogus Buyers
