by Christena Garduno, chief executive officer of Media Culture
The thrill of starting a business can be addictive for those looking for new challenges and opportunities. It’s no wonder that many entrepreneurs find themselves drawn to the idea of simultaneously managing multiple businesses, but it’s not an easy feat.
It’s important to note that juggling multiple businesses as an entrepreneur requires careful planning and strategic team management to ensure success and avoid burnout.
Developing a Cohesive Vision
When starting a company, the best way to set it apart is by building a winning and cohesive culture. A well-crafted culture rests on a company’s mission and its core values. These values and your vision should be used as a guide, taking you through every decision made within the company starting at the beginning. Take time to listen to your employees, encourage them to share their input on values, behaviors, and new culture initiatives to ensure that your team and business goals are aligned and the team identifies with the values of the business.
When employees feel a sense of ownership, they are more likely to embrace and represent the culture themselves.
Maximizing Efficiency Across Multiple Businesses
Inefficient business processes can put a strain on a company’s profitability, prevent its ability to meet consumer demand and make it harder for employees to do their jobs. By developing processes and systems from the start, your businesses will be more efficient, and you’ll prevent issues before they arise. By finding ways to simplify internal business processes, you can also make it easier for customers to work with you through their entire buyer’s journey.
For example, you can simplify the purchasing process by making sure that prospects can easily find the information they need on your website, displaying accurate, pinpointed signage in-store and establishing clear customer service expectations for employees to follow.
Building Strong Teams and Empowering Them
When managing multiple businesses, hiring a trustworthy team is key. Successful entrepreneurs build their teams by identifying strong, talented individuals who share their values and are committed to driving growth for the business.
By delegating to a team you trust, you can free up time and reduce some of the load on your own shoulders. While it can be tempting to be hands-on with everything, you must trust your team to handle their responsibilities — avoiding micromanagement. This frees up time to focus on strategy and growth opportunities without hyper-fixating on one of your businesses over another.
Tackling Unexpected Hurdles
It’s important to understand that not all business ventures will be equally successful. Some may have their share of obstacles that are difficult to overcome. Take time to assess the performance of each business objectively and if a venture no longer aligns with your goals or is underperforming… consider pivoting or scaling down.
When managing multiple ventures, it’s vital to ensure that your time is spent on what matters the most…growing your businesses. Even though the process can be challenging at times, with the right vision and planning, the reward is worth it as you grow to be an even better multi-entrepreneur.
Christena Garduno is an inspirational female entrepreneur and leader highly recognized for her success, determination and creativity throughout all walks of life. As a leading businesswoman and chief executive officer of Media Culture, Christena strives to motivate young, female professionals by encouraging them to use their own experiences as a guide in achieving their goals.