How business bosses manage multiple firms

To most people, the idea of running even one business seems like a source of stress, but for some plucky entrepreneurs, one isn’t enough – several have at least two active companies under their belts. Twitter founder Jack Dorsey, for example, runs both Twitter and another firm – a payments company called Square. And he’s not the only one: plenty of businesspeople have fingers in more than one pie, and it’s definitely possible to do. Just how do they manage it, and what’s their secret? This article will explore some of the ways that successful “multipreneurs” build their empires, and share some tips on how you can emulate them.

Delegation

 

If your energy is pulled in two directions, then it’s inevitable that you’ll sometimes be looking one way while something crucial happens in the other. For this reason, it’s vital that you have someone on hand in each company to run it for you in your absence – and to ensure that the rest of the teams have a well-managed workload. Investing upfront in the right person for this task is definitely a wise move as it prevents potential problems down the line – so don’t be afraid to pay handsomely for a person with the right talents.

 

Hard work

 

Although it’s definitely possible to use skills such as delegation to manage the task, it’s clearly not enough. Entrepreneurs are obviously often highly interested in the inner workings of their companies – and in order to cover the time commitments required to run two firms, it’s usually the case that the entrepreneur will have to work extra hard in order to cover both. That’s how Evangelos Marinakis preserves interests in a whole host of different businesses, and it’s how many entrepreneurs like him manage to get ahead.

 

Strategy

 

While two separate businesses may seem to many people like a potential headache, it’s actually often possible to use the resources of one business to fund another. Everything from staff to premises can in many cases double up in order to develop an extra business line, and it’s a very common strategy for two-firm entrepreneurs to use in order to maximise asset value. If you already run a restaurant chain, for example, then opening up another business in the catering supply trade would actually be a smart move as there’s so much crossover. While some entrepreneurs who run two businesses opt for sectors that have no obvious connection to each other, it’s not uncommon to see a link between the firms.

 

Although to the lay person, it might seem like running two successful and all-encompassing businesses at once is a crazy move, it’s actually not as uncommon as it might seem. Many entrepreneurs all over the world have managed to do this in recent years, often to great effect. All it takes in order to do it is a commitment to hard work, a dash of strategic thinking about your sector choices, and an effective delegation strategy headed up by a talented second in command.

Written by Harry

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