How to Manage Multiple Businesses

[linkB2B]

1 Create a strong business forecast. All businesses should have completed a business plan to start with and in that plan is a forecast of where the owners would like the business to be in the next one, five and 10 years. This is a great way to stay on track of each business you own and set consistent goals that will be easy for your employees to follow.



2 Hire a strong management team. Not matter how driven you are, it is impossible to micro manage every business you own. Hiring and training a great management team that you can trust for each company is the key to success. You need these people to train all other employees and create individual plans of action and success to help take your company in the direction you want it to go.



3 Be as hands on as you can. With the last step said, you still need to be involved. Have a monthly meeting with your management at each company to go over the big picture: sales, customer service, production time, employee relations, operating costs and any other area you are concerned about.



4 Take a seminar. If you're not sure where to start, take a seminar on how to manage multiple locations and create a road map for them to follow. There is a seminar offered by Padgett Thompson that is two days long. It is a wonderful resource for tips and tricks on how to keep multiple businesses productive and well managed

[The Business Tutor]

As an addition, I'd also like to point out that multiple business owners should keep finances 'in house' as much as possible. It shocks me to see how many business owners purchase externally when they have raw materials, components and finished products of their own. It's like going to do your weekly shop and loading up your freezer, only to go next door afterwards and buy a frozen pizza from your neighbour.

[lancejeffersons]

Don't establish businesses more than you can handle..
Be on top on all your businesses..

[AlbionColt]

First of fall I want to say it is very great post but according to my opinion businesses are not created equal. Some businesses are easy to start while others are more complicated. Some businesses can make money fast, while others take a longer time to recoup investments. Before starting multiple business you should consider what type of business you want to start.