5 Tips by Aditya Modak to Manage Multiple Businesses Efficiently

Managing multiple businesses at the same time may sound like a nerve-wracking task, but nothing is impossible. Follow a few procedures and you will see a big change, writes this entrepreneur. 

Are you a hustler who gets bored very often? Do you like trying new things? Commonly known as serial entrepreneurs, they are capable enough to manage multiple businesses efficiently and effectively thus coming out successful as always. When you manage multiple businesses, it is obvious to feel overwhelmed. 

Running two businesses simultaneously means double efforts and getting the feeling that you are not reaching your potential. If you think you’ve got the real potential and you don't want to waste any, but you think you might face the challenges - you’re at the right place. 

If you set your goals, nothing is impossible and nothing can stop you from achieving. Just be determined and chase it. You are perplexed and failing to run multiple businesses?

The following article by Aditya Modak lists down the tips to manage multiple businesses efficiently and effectively.

• SET YOUR PRIORITIES RIGHT - Just like any other thing, focus on the tasks for both the business that is on high priority. Address instantly anything that is urgent. Learn to divide your daily responsibilities. Based on personal experience, prioritize the job that you perform with utmost passion. At the same time, roll up your sleeves and put numerous resources to get the other job done.

For this, you need to check which all tasks can be outsourced. Access and distribute them based on three factors: urgent, immediate and waiting. It’s just a matter of organization, delegation and prioritizing what needs more time and attention. 

• MAKE LISTS & FOLLOW THEM – Use your handy smartphone-based notes to make the list of all the daily tasks-to-do. This digitized list process follows you wherever you go. But this does not mean that you jot down the tasks and turn off the phone. Instead, integrate them in your daily routine so that at the end of the day you have completed most of the tasks, if not all.

There’s no ignorance or losing track of what needs to be done. When you have to run multiple businesses, it's vital to create tasks and address them. Use different color code for each business. This will help you instantly find out which work needs utmost attention at that time.

• SHARE YOUR WORKLOAD - Since you can’t be everywhere doing all the work, work in close association with your team who are intricately involved in managing day to day activities. We all work as a team, have the same intellect in terms of philosophy and share the same vision to accomplish the goals. Now, when you know you have someone who thinks and feels similarly, managing of the multiple businesses seems to be a smooth process.

One-on-one sessions, and regular communication helps create an open and flexible environment that helps team flourish. This idea is both stimulating as well as challenging. Since your team can put forward their knowledge and expertise, this creates a healthy working atmosphere. 

• KEEP TRACK OF TIME SPENT ON EACH BUSINESS - Time management is the most important factor when it comes to managing the business. This will help ensure that tasks are attended when they need to be addressed. Time management balances the attention that each of your business needs. It helps you keep track of whether or not you’re spending time wisely on each of your business and where & how much time has been spent.

Over time, when you will assess your time distribution, you’ll be able to make out which areas have been the most productive. In almost everything we do, time management has proved to be effective as well as a productive tool. 

• KEEP TAB OF EACH BUSINESS REPORTS - Analyzation is something that you should not ignore. Analyzation and keeping a tab of business reports help you know the performance, loopholes and what next new measures can be taken. The plethora of information these data and reports contain can be a game-changer in how to build and manage your business in the long run. It will also help you spend your money wisely in regards to your budget. This altogether will take your business on the right path towards growth.

Also delve into the details of customer satisfaction, social media followers, leads, conversions, reputation management and all that which helps you understand how your business is being perceived by the targeted customer.