I have got a question yesterday, via e-mail. Hey Shitanshu, How do you manage multiple businesses simultaneously?
Well, it is difficult to manage multiple businesses. It takes a lot of time and energy to build and run multiple businesses to generate multiple revenue streams.
So, if you are starting afresh my sincere recommendation is, don’t try to manage multiple businesses simultaneously.
Don’t try to manage multiple businesses simultaneously.
I think for most entrepreneurs, most entrepreneurs that I advise and consult with, I almost always recommend them, to just focus on one thing and do that very, very well at the first instance.
But, the question arises that for serial entrepreneurs like me we have to build and manage multiple businesses. To build multiple sources of Income.
But, at the initial stage, I don’t think most business owners, should be involved with so many businesses.
Because it takes so much effort, and so much time and energy, just to make one business work, I mean, business is tough enough.
And when you are trying to make two things work. Like say Elon Musk, you are trying to make SpaceX and Tesla. But, Elon Musk is an experienced entrepreneur and he is also exceptional, right?
There are so many entrepreneurs out there that, they are having a little bit of that shiny object syndrome.
They want to run behind a shiny business or in the other world businesses which other people are doing.
Myself, I am also affected by shiny object syndrome. I am hyperactive and I keep on thinking, yeah I want to do this, and I want to do that, I want to do this and I want to do that as well.
But every single time you add another business to your portfolio,
it takes away, certain attention from the other businesses. And that becomes an issue.
Now I’m not talking about you being an investor, that you have someone else running it, right? If you invest in a business, you got someone else
running that business.
A CEO, a General Manager, that’s great.
But if you’re managing multiple businesses by yourself, it’s very, very challenging.
So, depends on your business model. Now, however, if you are one of those serial entrepreneurs, meaning that you get bored, like me, easily.
That you want to be involved with different things, and you don’t mind being involved in different industries, because you kind of enjoy the process, you like learning new things.
And you do want to manage those.
So, Let me share with you my 3 Secrets of managing multiple businesses simultaneously – My Experience.
3 Secrets to Manage Multiple Businesses Simultaneously
How to Manage Multiple Businesses Simultaneously?
Now, this is what I do, I’m not saying that this is what you should do.
# Core Team & Efficient Leaders
If you want to run multiple businesses you need to have a team. You need to build a core team, The core team is like your Army this core team helps to run, it helps to manage, and it helps to advise all your other companies.
You can not manage multiple businesses without a core team.
So imagine if you have a core team like that. And then whatever you want to add to your portfolio this is the core team.
But you could have an efficient leader, a COO, a CEO, or a General Manager for that particular business.
And they are the ones that are driving the day today, right?
So you can add to that. This is what I have done to manage multiple businesses.
#2 Proven Systems
I have developed systems and utilized tools to generate reports or lead generation, traffic generation, SEO, Digital marketing, Social Media Marketing, and a lot more. A few core members and partners in each business help me to manage it.
But really, it goes back to this core team.
Until that business, it’s big enough. This means, generating enough revenue, then that business is probably in the six-figure range, then this business, could have its own kind of management team, right?
#3 Process Replication
My Team is running the day-to-day business, and they’re reporting back to the core, this executive team, with MIS data, SEO data, and Traffic Data but, this is the team that actually makes it work.
Think of this, in the beginning, they’re borrowing a lot of resources from the mother ship, right? From your Core business. You are replicating existing processes and systems from your parent business.
Until they get big enough, they become their own mother ship and they kind of operate on their own, but, you still have a lot of synergy communication between all these entities.
And that’s how you manage it. So, in short, the way you manage it is actually, you don’t manage it, you have other people managing it, but you have very good systems, and reporting system and you’re measuring the metrics and having the right person, the right seat, managing those things, and then you’re fine.
Each business is its own entity.
But then this core, this is how you help all these other businesses become smarter.
Let me give you one example.
Let’s say you’re running Google Ads.
- You already know the best practices.
- You know what works.
- You know how to drive cold traffic to offers.
Here’s a business that you start, or you invest, well, these guys, the new people, they don’t have to start from scratch.
They don’t have to go through the school of hard knocks, they can plug into the mother ship and say, hey, already here are the best practices.
Do it this way. Oh great, now you just reduce the risk, and eliminate a lot of learning curve, right.
- You already know, how to build a team.
- You already know, how to drive traffic.
- You already know, how to do all these things.
So they are tapping into what works.
Not trying to figure out what works. The products and services industries might be different.
But really, intelligence, is what is valuable. So, that’s what I do.
How do you manage multiple businesses simultaneously?
It’s having the right system, the mother ship, plug that into that, plus, then have the right leader, leading each of those businesses.