Do you have multiple businesses that are a part of your life? Are you constantly juggling the responsibilities and tasks between them, never really mastering any one of them? With so many businesses(like maine mendozas family), offices, and customers to keep up with day-to-day it can be hard to keep straight which company’s responsibility is what.
The good news is there are some simple ways we can simplify our lives by mastering the art of multiple business management. Here are five quick tips that will help you master this skill.
Five tips to master the art of multiple business are:
1. Keeping Good Records
One of the biggest mistakes people make when they have multiple businesses is that they don’t keep good records. You need to be able to prove the value of the services you are providing and this needs to be maintained.
For example, if you are a contractor, you should keep all invoices separate from their corresponding work orders and track how much work has been completed on what projects so you can give your customers a proper invoice and a higher level of service.
The same thing applies for any business that provides a service for either your clients or yourself.
Always keep good records of all the different businesses that you run. Nothing is more important than keeping track of things. Keep track of all your expenses, income, payments, invoices and everything else that may be relevant to your business. This will be crucial in helping you maintain what you own or what your business owns. It will also help you gain insight into your financial life so that you know how to create long term plans for yourself.
2. Keeping Business cards and Invitations Ready
If you’re running more than one business then it’s important to keep abreast of when important people are in town. Even if you’ve met them before, keep a small stack of business cards on hand to hand out.
When you meet someone, be sure to introduce yourself and tell them what your company does. While they may not use your services directly, it’s always the right thing to do to be cordial and professional.
Once everyone knows about the different businesses that you’re running make sure to have everything ready to go whenever necessary. Just because you’re running several businesses doesn’t mean that you get to skip out on social necessities. If you need to make business cards or memorandums make sure that you have them all ready. You never know when a new customer will walk in and you’ll need something to represent your business.
3. Keep Track of your Social Life
You may think this is an odd tip, but it’s actually crucial for most people with multiple businesses. When you have one office job it takes a lot of time to get everything done. However, when you’re juggling five different offices and products your free time can quickly become nonexistent. It’s important to keep track of your social life and make sure that you’re always giving it the attention it deserves. Otherwise, you could risk burning out and eventually losing everything that you’ve worked so hard for.
4. Keep close track of your product inventory
You may not think about this one in relation to multiple businesses, but it’s a crucial part of managing several companies. When you own several different companies with products that are similar, you need to make sure that you keep track of every single product that you have. Otherwise, you’re doing yourself a disservice thinking that all the products are contained in one office or warehouse. Only by keeping track of your inventory can you make sure that everything is accounted for and handled well so that nothing gets lost.
This is probably the most crucial part of running any business, let alone multiple businesses. Because you have all these different products at different stages in their production cycle there is a lot that can go wrong if you don’t keep an eye on them at all times. It will take a lot of planning and effort, but in the end you’ll be much happier knowing everything is where it’s supposed to be.
5. Keep your customers happy
This is the most important part of all. No matter how difficult it gets, no matter how many businesses you have you need to make sure that your customers are always happy. If they’re not satisfied then there is no way that any business will survive for very long. The key here is to keep doing what you do best and let the other businesses flourish when they can. Make sure that the businesses that are making money are helping out with the struggling ones so things can even out a bit easier.
Conclusion:
We hope these tips have been helpful. The most important skill that you’ll need to master is time management. Only if you learn how to manage your time well, can you really master the art of multiple businesses.
