Any entrepreneur can tell you that setting up and running one company is a challenge. But California is a hub for innovation—both Bloomberg and WalletHub rank it second in the nation—and many entrepreneurs have more than one business idea they want to pursue.
When you're managing two or more businesses at the same time, making efficient use of your time and energy and helping the businesses benefit each other can help you find the path to success.
7 steps to bigger achievements
- Develop your teams. You need good employees you can trust to keep your business running smoothly even when you're not there. Expect to spend an increasing amount of your time hiring and managing people. It pays to put considerable time and effort into the recruitment process. Skills and expertise are important, but so are passion and dedication to the business.
- Have some employees work for more than one of your companies. It's a great way to cross-pollinate and share ideas, knowledge, best practices, etc. Employees will be challenged to find ways to make practices and procedures that work for one company benefit the others. They'll likely find it stimulating.
- Share processes between businesses. From creating a business plan to crafting marketing and sales initiatives to selecting online tools and platforms, establish processes that can be applied to each business. Having the format and process already in place for one business will speed up the completion of tasks for the others.
- Analyze data frequently. Know which numbers—such as gross and net sales, customer counts, leads, conversions or inventory costs—are most important to each business. Review the figures weekly, or even daily, and analyze how the business is spending money in relation to its budget. This will help you identify where changes need to be made.
- Keep a notepad handy. Whether you prefer pen and paper or an app, it's important to have a convenient way to make notes. When you're working on one business, it's likely that ideas for another one will pop into your mind. Record them on your notepad so you don't forget, then refocus on what you were working on originally to enhance efficiency.
- Prioritize and make lists. With so much going on, it's easy to lose track of important tasks and items that need to be addressed. Color-code your list by business so you can see at a glance which company needs your attention at that moment.
- Take time off. Although with multiple businesses to manage it may seem like you're just too busy to take a vacation, stepping back temporarily improves your perspective on your work and boosts creativity. A break leaves you refreshed and energized.
Meet your working capital needs
California Bank & Trust can help your multiple businesses grow with financing for working capital, such as a business line of credit. We also recognize that business challenges sometimes create a need for working capital that traditional banking products don't address. A business banker can help you explore creative funding solutions to your working capital financing needs, such as factoring, which may provide a bridge to traditional bank financing. Contact a business banker at (800) 355-0507 or at a branch near you.[cite::171::cite] [cite::172::cite]