The Art of Balancing Multiple Businesses

The Art of Balancing Multiple Businesses

"Follow us @bigstartupco on Instagram where we run our #AskBSU sessions to answer those mind boggling business questions! "

In the business world today, it is no longer news when you hear that someone has multiple businesses. At this point, it is not even advisable for an entrepreneur to own a sole business or a single stream of income unless that business can be termed a multi-billion naira one. Having multiple businesses is ideal however, problems can arise when you are not able to manage or balance those businesses. Being able to do this successfully requires a business owner having special skills-which we are here to walk you through! The balancing art of multiple businesses requires the following: 1. Building and Maintaining a Solid Team: Truth be told, you cannot run your businesses alone. It is not just necessary to build the right team but also provide them with adequate training they need to manage your business as if its theirs. Having a solid team in place with proper checks and balances will reduce stress and multiply the efficiency required to successfully run your businesses. 2. Regular Progress Reports: Weekly/monthly reports are a measure of performance and whether we like it or not, the numbers don't lie! They are a reflection of whether business targets are being met and in turn reveal adjustments required for business improvement. 3. A Personal Support System: At times, it can be overwhelming running so many businesses all at once.What can we do to remain sane while juggling it all? It is helpful to have a group of people during those periods where it all feels ‘too much’. By taking a step back to rest, recuperate and realign with friends, families and mentors, we enable ourselves to keep going on a fresh note. In the long run, this improves quality of work and all round employee satisfaction! 4. Returning to your Vision Board: It is essential to always have your vision board in mind as far as your businesses are concerned. Do not wait for a meltdown or something tragic to occur before going back to where it all began. Doing this regularly will help you focus and get you back on track. As a multi-business owner, which of these balancing acts do you practice? We would love to hear from you and answer any questions you may have concerning your business. Follow us @bigstartupco on Instagram where we run our #AskBSU sessions to answer those mind boggling business questions! The Startup Star book is available on Amazon, iTunes, Barnes and Noble,Kobo, Bambooks, Lulu. The hardcopy is available for sale at CURA building. New 3, Old 6, Ogbunike street, Off Josephine Fingesi, Off Wole Olateju Street (the turning by Avalon opposite Diamond bank) , Off Admiralty way, Lekki Phase 1, Lagos. Wonuola Okoye Author of Startup Star & Principal Coach Big Startup Sign up HERE for one of our tailored services, designed to meet the needs of new and existing fashion entrepreneurs and you’ll be on your way to building your fashion brand and becoming a Startup Star.

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