Staying On Track When Running Multiple Businesses

As the owner of multiple businesses, life is busy. In these situations, impeccable organisation and meticulous time management are a huge part of being able to succeed. They’re not always skills that come naturally though. So, with this in mind, we’ve put together a cheat’s guide to staying on top of what’s going on across all of your businesses.

Have a central space to operate from (if possible)

This might not be a viable option for some business owners, such as those with retail outlets in different locations. But, for those who are able to, operating from one central workspace can be more efficient.

Less flitting between workspaces maximises your time (and reduces the risk of leaving things in the wrong place).

A single operating base can also help keep costs down. Rather being lumbered with additional financial commitments for each site, one larger space can be more cost effective than several smaller ones.

Making information more accessible

If your different businesses do need to operate from separate locations, it might be useful to explore accessibility options. Most of us already do this to some extent, checking emails and messages on our phones as we go. Storing information digitally on a secure remote server (known as cloud-based storage) takes this to the next level.

Whilst a building contractor might not be able to get hands-on through a screen, they can at least access documents and contracts from anywhere they have an internet connection. This makes it easier to deal with priorities as they happen. There’s less risk of things slipping your mind this way. Plus, a fast response to a query can sometimes stop a problem evolving into something larger.

Enabling busy bosses to work on the list of things waiting for attention whilst on the move helps prevent it building up into something unmanageable. On the topic of keeping important things all in one place…

Try to use multi-purpose tools

Keeping everything in the same place sure does make things easier. The same is true for the way that you manage each business. Whilst some businesses need purpose-built systems and processes, consider using the same solutions where possible. A great example of this is the software you use.

Using different software to do the same job in each business can become pretty confusing. For instance, creating spreadsheets with Google Sheets in one business, and using Excel in another. It makes it more difficult to transition between businesses, which in turn increases the risk of things being missed.

It’s why our Pandle bookkeeping software offers Multi-Company Management for Pro users. Users manage the finances of multiple businesses from one single Pandle account, without flitting back and forth, or having to remember multiple passwords.

If you are at the helm of more than one business, a unified approach makes managing multiple interests much simpler.

Don’t be afraid to outsource and ask for help

Diaries, calendar reminders, to-do lists and even digital tools such as apps and online project management tools are all invaluable for keeping on track. That being said, there is only so much you can do before reaching complete capacity.

As the owner of multiple businesses, it’s vital to recognise your limits. These might be time limitations, or areas where your expertise simply doesn’t reach.

This is the point to consider how long-term these are going to be, and taking the appropriate steps. Whether that’s outsourcing to freelancers or companies, or expanding the workforce depends on circumstances.

Know where you’re up to

If you are making decisions or changes for one business, does that impact the others? Are you sure that you’re making decisions based on accurate information, which relates to the correct company? Using management tools which include reporting functions can help summarise the position of each business and project, when you need it.

Be realistic with your goals and deadlines

Don’t be so hard on yourself! Running one business can be challenging enough, let alone taking on the mammoth task of managing multiple companies.

There are only 24 hours in each day and you should really be spending some of those sleeping. Be realistic with the goals you set, and devise ways of taking smaller steps towards larger ambitions. They’ll seem (and more likely become) much more achievable.

If you’d like to know more about how our cloud-based bookkeeping software, Pandle, can help you manage multiple businesses, talk to with our friendly team today by using the live chat button on screen. Get started with a free trial of Pandle Pro – no card details are needed. 


Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible.


Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments