How to Successfully Manage Multiple Businesses
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Running multiple profitable businesses at the same time is a lot more doable than you might think.
To get started, make a “to do” list, which will be different for every business. If you have a website, you may have tasks such as “write a blog post” and “create the opt-in page”. If you’re overseeing an e-commerce store, your list should include “check stock levels” and “place an order with a supplier.”
The key here is to make sure everything is placed in its order of importance.
You’ll likely find that some items can be delegated to others (like contractors or employees), while others require your attention. When you have time, check off completed tasks to see what has been accomplished.
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Dispatch an expert
If you’re not good at something, pay someone to do it.
I don’t know anything about SEO or web design, so I hired someone to do it for me. The same goes for accounting, legal matters and much more.
Besides outsourcing the tasks that are holding you back from growing your business, there are other ways to maximize your time. I use a virtual assistant who manages my social media accounts and emails so I don’t have to worry about that while I’m working in my business.
Breathing room for brainstorming
When juggling multiple businesses, it’s easy to get bogged down in the day-to-day tasks of running each business. In the process, you may lose sight of what made these accomplishments successful in the first place.
To avoid this trap, give yourself weekly points to check your vision for each investment. What do you want to accomplish? What are your goals? What are the most important things that need to be done?
Don’t be afraid to adjust if your game plan has changed.
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Data mining for decision making
Data is the best way to determine what works and what doesn’t. This will help you see which products are selling well and which are not and which customers need more attention. If you manage multiple businesses, customer relationship management is essential.
A CRM system can help you track everything from sales leads to customer service issues and marketing campaigns, so you don’t have to rely on guesswork when making business decisions.
Shoot perfect people
Hire good employees for each business, so you don’t have to do everything yourself. This may mean hiring full-time team members, but there are other options. For example, you can hire freelancers or outsource to virtual assistants.
The key is to find someone who can run your business while you’re busy working on another one. If one of your businesses is an online store, hire someone who knows how to optimize conversion rates so that customers buy more from your site, thereby increasing revenue for that part of the business. If another is an offline store, find someone who knows how to effectively run a retail operation so that customers always leave satisfied.
The right tools and techniques
When managing multiple businesses, your first priority is to ensure that your time is spent on what matters and that you spend the majority of it on growing your business. While there is a thriving community of professionals working across multiple companies, it’s a unique path and something that may take some deliberate planning.
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