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STRATEGY FOR MULTIPLE BUSINESSES

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STRATEGY FOR MULTIPLE BUSINESSES

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It has become a trend in most of life’s endeavor for people to multitask. This act of performing multiple tasks simultaneously can be applied in business. If variety is the spice of life, owning multiple businesses is the flavor of business income security.

Inasmuch as there are huge benefits in engaging in multiple businesses, it is not something that can be done randomly without strategies. To multitask in business, it is important that you take into careful consideration, all the elements that you have at your disposal, and which have even the minutest bearing on your effectiveness and efficiency.

 First, check to see if you can use the same space/location to run more than one business. This will save resources and allow you to easily oversee all the ventures at the same time. For instance, if you have a boutique and you are skilled in pedicure and manicure, you can attend to customers and clients for both, while also selling recharge cards and manning a showcase of snacks and a refrigerator of soft drinks. The idea is just to select the businesses which will not interfere with one another in terms of hygiene and other factors.

Then, if you have a business that utilizes a team of personnel, you can deploy the team for one business into other businesses instead of hiring separate teams for each of them. Even if you have more than two companies that engage in different business activities, you can hire a team of staff with qualifications and experience cutting across all the business concerns.

Furthermore, you have to be sensitive to the needs of each of your multiple businesses. Different businesses have their different dynamics, and you have to organise your priorities in terms of attention and input according to such dynamics. Do not waste time on things that do not matter either immediately or in the long-run. In multiple business management, it is important that you create task items to address in order of priority and urgency, so as to have a clearer focus and better maximize your resources.

When all the businesses that you run need the same level of attention and input at the same time, it is essential that you plan and track your time on each business to maintain a balance, such that one will not thrive at the expense of another.  In this case it is very important to ensure a synergy with the people you are working with. This will also help to reduce the workload of running multiple businesses. It is a fact that you cannot be everywhere doing everything at the same time. If the businesses are jointly owned, make sure that you share the same principles, ideals, philosophies and vision with your partners. The same goes for the staff that supply the manpower for the businesses.

Wherever necessary, bring on experts to handle certain technical aspects of the businesses so that you can better concentrate on the core and overall issues, rather than trying to multi-task across areas where you have no expertise.

Finally, keep records on each business venture to maintain accountability.

Some people have a tendency to relax into one particular kind of business as a comfort zone, and this has its own risks such as a drop in demand and a rise in competition. Others are tempted to invest into anything that bears the slightest semblance of a business opportunity without a careful identification, planning and application of the right strategies. While it is a fact that the more businesses you have, the more channels of profit you are positioned to enjoy, this can only be so when you apply the right strategies for multiple businesses.

Susan R. George

Susan is the Founder and CEO of Rotdinnah Business Blog. She is an Ex-Civil Servant, Business Consultant, and Entrepreneur who has a passion for mentoring young persons and retirees on the importance of going into business. She believes that business is the best avenue for maximizing potentials, achieving financial success and providing sustainable means of livelihood

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