Three Secrets to Balancing Multiple Business Ventures

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Many people know McDonald’s to be a fast-food giant. But did you know that the business model of McDonald’s is more than just a fast-food chain? In reality, what makes McDonald’s extremely successful is that it is also a real estate business. This means it is both a company with more 38,000 franchise locations and one that owns most of their locations which they rent out to their franchisees. While such a success story is an inspiring one, we cannot deny that running multiple businesses is never easy.

Sure, the more businesses you have, the more you get to boost your chances for financial security and independence. But this also meant more responsibilities and more risks. The good news is, there are things you can do that can help you run multiple businesses at once without losing your sanity. The following are some of the secrets of experienced business owners and entrepreneurs that run various businesses at a time.

Build yourself an A-team

Why try to do everything on your own when you can always build a strong team to back you up in fulfilling your business goals? There are tons of talented people out there that both need jobs and have lots of skills to offer. Having a team you can rely on and letting them work their magic help lighten your load and free up precious time so that you can focus on your specialty.

For instance, you have many investment properties that you sell and lease out to tenants. Instead of worrying about every single tenant issues, why not hire a property manager to take care of your rentals? Instead of thinking of ways to evict a bad tenant or finding a supplier for European shower doors to improve your apartments, you can focus on growing your brand instead. As for selling your other properties, hiring a realtor and a business lawyer will save you more time and energy and help you avoid legal issues in the future.

Stick to a schedule

businessman on the phoneThere is a reason why successful entrepreneurs have a schedule for everything. This helps them keep track of their appointments, never miss an important meeting, and plan not just their weeks but months ahead. When you have more than one company to run, you can end up having to use most of your waking hours trying to fit everything in a day.

If possible, keep your schedule in a single spot. For instance, you can use a scheduling app in your tablet to keep tabs of everything. This way, you can simply check your device and not have to look at different spots just to book an appointment or check your schedule for the day.

Keep, organize and analyze all business data

Just because you have someone taking care of your other business already meant you no longer need to keep tabs on business reports. As an owner or manager, it is your job to analyze each data continuously. This helps ensure your businesses are on the right track. Organize each data per business; analyze each report, especially your business finances and keep your records in a safe place.

Overseeing various businesses is not easy but never impossible. Sometimes, what it takes is proper scheduling, effective record keeping, and relying on an A-team to help you run all your businesses all at once. Realize your needs, don’t hesitate to outsource the help of experts if needed, and keep an open mind on the things that can help you keep your business while maintaining a healthy work-life balance.

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