Running multiple businesses is no cakewalk, but time management is the key to success
Compelling arguments have been made on the age-old topic ‘Should entrepreneurs focus on one business or should they split their time over multiple interests?’ Some entrepreneurs choose to put all their eggs in one basket while some others prefer to have multiple income streams. However, one cannot overlook the fact that creating and running one business isn’t easy, let alone many. If you want to see yourself grow across multiple platforms, you need to change how you operate as an owner.
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Here’s how you can split your time effectively across multiple companies:
Create a solid team
The success of your various businesses depends upon your team members. The people who work for you, especially your core management, are your pillars of strength. The more you expand, the more you need to spend most of your time developing and managing your employees. The success of your business depends upon your team, and hence you need to treat your employees with the respect they deserve. Work with your team to build and multiply your business empire.
Invest in face time
Even with all the technology available today that allows you to video-conference, you need to make time to meet with the CEOs of your various companies from time to time. When you’re responsible for a host of companies that are spread across the globe, it’s crucial to visit each enterprise and experience them in their unique ecosystems. We cannot emphasize enough on how important in-person, face-to-face time is. This is because subtleties of office culture and the dynamics between executives cannot be conveyed over a conference call. Mark Zuckerberg, Founder and CEO of Facebook, has 97,789,086 followers and can share his message to them via Facebook, but he ensures he meets people and travels across countries to connect with his employees and users.
Give your teams a long leash
It’s impossible to micromanage multiple companies in different countries. Instead of making decisions locally, you need to focus your energies on larger strategic considerations. Make it a point to recruit ambitious and motivated individuals whose judgment you trust implicitly. Allow the top leadership rung to grow the company they are responsible for as they deem fit. If you try to micromanage each move, you’ll probably do more harm than good. Delegation is the key.
Use a note pad
Sure, there are cool apps like Evernote that help you manage your day, but nothing can replace good old pen-and-paper. When you note down something in a diary, you tend to remember it better. Also, physical notes have the ability to keep you focused better as you can always strike things off or tear a page and toss it in the fire.
Prioritize down-time
Being responsible for multiple companies isn’t a cakewalk. If you want to stay sane, you need to rely on your support system. Your support system can be your wife and kids or your childhood friends. Learn to lean on your support system and ensure that you invest time in yourself. While you do that, is is important to disconnect from technology like phones and emails to re-energize yourself and improve your focus.
With the right focus and energy, you’ll be able to build your business empire faster than you think.