It is challenging to understand how to manage a business – it involves initial investments, adequate resources, planning, and sustained growth through various measures. Have you ever considered having more than one business? If you have, the chances are that you wonder how both can be managed without neglecting one and having the other. Here’s a simple guide on how to effectively manage two businesses.
Create a manageable schedule:
The process involved when you have to manage two businesses will be much less stressful when you create a realistic schedule and stick to it. Divide time between both businesses based on how much work each business has on a day-to-day basis.
Schedule the aspects that need a lot of your attention towards the beginning of the day so that they are easier to get finished with. Smart time management is crucial if you would like to successfully manage two businesses.
Have one office:
Shuffling between two locations is not only tiring but also stressful, so it is better for you to use one office for both businesses. You can divide teams between floors or segregate them through partitions if needed.
It will also help you save on office space, time spent in commuting when needed and the process of managing two locations right at the beginning. It will also help you focus energies more on managing strategy than on the logistics of moving between offices when the setup is small, to begin with.
As an owner of two businesses, you cannot possibly work on each and every aspect. Learn how to delegate work effectively. Identify the strengths of your team and create task schedules for them according to the kind of work they can accomplish. This will spread out the work and make it easier for you to focus on other important tasks such as getting new clients or strategizing about your product or service.
Hire the right talent:
To manage two businesses, you also need to ensure you have a dedicated, and extremely productive team on board, no matter how small. A motivated and hard-working team that supports your vision will make it much easier to navigate through the various aspects of running two businesses including managing the workload, coming up with better processes for the businesses and bringing in fresh ideas that will accelerate growth for both companies.
When you are learning how to manage a business and then move on to managing two, you need to take stock of the projects you have planned. Think of what matters the most, and what can be considered for another time.
Start with projects that are feasible and involve work that can be easily delegated to your team, and as you get settled into the routine, start working on other types of projects. Entrepreneurs have evolved, especially due to the availability of technology that will serve their needs well and make processes more efficient. It is now commonplace to venture into more than one business.
The key to equal success in both ventures is to be able to balance them based on efficiently allocating work and managing time and resources well. Start with following the above and you will gradually be able to balance both your businesses with aplomb.