TMCnet Feature
March 20, 2020

Running multiple businesses can be challenging. Here's how successful entrepreneurs keep up

Iconic serial entrepreneurs like Richard Branson, Gary Vaynerchuk, and Elon Musk make it look like managing multiple businesses is a piece of cake by using the proceeds from one successful company to build another. However, these cases are pretty rare. Owning one business is tough enough on its own and if you want to take on the challenge repeatedly, you’ll need more than a good set of organizational skills. But that doesn’t mean you can’t copy the success of these famous entrepreneurs, at least in part. By learning how to avoid the most common management mistakes and boosting your multitasking skills, you can generate profit and make every venture a rewarding one.

Prioritize the big picture stuff

If there’s one bad habit that you need to let go of when running multiple businesses, that’s micromanaging. Now, micromanagement is already a costly management style and multiple studies have shown that it can decrease productivity and reduce employee engagement but when you’re a serial entrepreneur, it can be even more harmful. That’s because you simply don’t have the time to oversee small processes and you shouldn’t waste your energy on tasks that can be delegated. As the CEO, your duty is to focus on big picture stuff and think of growth strategies. At first, it might be difficult to step back and say no to some tasks but it’s impossible to be involved in everything and you need to prioritize.

Build teams you can trust

Naturally, you can’t prioritize and delegate if you don’t have people you can trust. If you look closer at the examples above, you’ll see that the world’s best serial entrepreneurs have reliable co-founders and surround themselves with stellar teams that can run projects and manage employees on their behalf. When building these teams, you have to consider their skills and expertise but, at the same time, they should share your philosophy and work ethic. Not sure if you’re on the right track? Don’t hesitate to talk to a professional business consultant or mentor. When you’re running multiple businesses, it’s easy to lose focus of the big picture. Strategic businessmen like Lawrence Jemal know when to make the right marketing decisions for their businesses and can help you create a sustainable growth strategy.

Track your time and make reports

Organization is important when running a single business but once you become a serial entrepreneur, you have to get used to the idea of planning every hour of every day. It’s the only way to properly divide your attention between businesses and make sure nothing gets neglected. If you’re not using them already, consider time tracking and reporting tools because they help you get a clear overview of your tasks, boost accountability, and you’ll see immediately if one business is taking too much of your time or resources.

Don’t neglect your wellbeing  

And lastly, the successful management of multiple businesses shouldn’t cost you your health. Serial entrepreneurs usually resign themselves to the idea of no personal life and sleepless nights but this won’t take you very far. So, go ahead and grind away for a few weeks if you have to but when things get too overwhelming, listen to your body, take a step back, and allow yourself to recharge. Your team will run everything while you’re gone and when you come back, you’ll be more inspired and motivated than before.

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