Tue 22 Jul 2008
How to Handle Multiple Businesses
In these competitive times, you might find that one single small business is not enough to take care of rising expenses.
If you are thinking of running another business along with your current one, then here are some pointers to help you to handle them concurrently.
Practice Good Time Management Techniques
You will need to devote sufficient time to your businesses so that one doesn't progress at the cost of another.
Manage your time so that you are present when crucial decisions need to be made, or during peak hours of that particular business.
Try to avoid handling multiple businesses that are labor-intensive; you might not have the time or energy left to handle them.
Learn Money Management
You will need to maintain separate accounts in order to keep each business as its own entity.
By robbing Peter to pay Paul or vice versa, you will only end up with a bankrupt Peter and Paul. If one of your businesses is struggling, then it may be better to abandon it.
Manage Your Employees Effectively
Since you might not be physically present in your multiple businesses, hire the right employees for the job - and maintain close tabs on them.
Get regular updates so that potential problems can be quickly nipped in the bud.
Learn To Be Accessible
You should be accessible for your clients as well as your employees, so that they feel that you are actively involved in that business.
Even if you are at another office, you should be accessible by phone or email. Use technology to the fullest.
By keeping all these aspects under your control, you can successfully manage your multiple businesses - and bring in multiple profits.