The Reality of Managing Multiple Businesses
First off, the idea of juggling multiple companies often brings a mix of awe and skepticism. Many entrepreneurs wonder, “Is it even possible? And more importantly, is it worth it?” From running three legitimate companies with substantial teams to overseeing smaller projects that demand my time, the journey of growing multiple companies has been both rewarding and demanding. As I navigate the complexities of expanding these businesses, I’ve learned invaluable lessons about what it takes to succeed in such a dynamic environment.
The Strategy: Effective Planning and Execution
My approach to growing multiple companies doesn’t rely on mere multitasking or delegation. It’s about strategic planning and precise execution. Every quarter, I dedicate time—sometimes a whole day—to craft a robust growth plan. This isn’t just scribbling tasks; it’s about outlining clear, actionable steps and assigning responsibilities, ensuring that everyone knows what needs to be done and by when.
Quarterly Planning: A Cornerstone of My Strategy
In an episode of the Better Human Business podcast, I discussed the significance of quarterly planning (Episode 92). This method helps me prevent my brain from becoming overwhelmed by the vast array of tasks across different companies. By having a solid plan in place, I can rest assured that both I and my team are working towards clear, common goals without constant supervision or doubt.
The Role of People in Growing Multiple Companies
The second crucial element in managing multiple companies is people—finding the right team members and, possibly, co-founders or business partners. It’s essential to understand that no one will care about your business as much as you do unless they have a stake in it. Therefore, ensuring that your employees or partners are as invested and committed as you are becomes vital. This involves not only hiring the right people but also leading them effectively, rewarding their efforts, and occasionally making tough decisions to let go of those who do not meet the standards.
The Importance of Leadership and Delegation
As the CEO of one company and a leader in others, I’ve learned that you cannot be the chief executive of multiple entities effectively. Leadership means setting the stage for others to succeed and stepping back when necessary. It’s about empowering other CEOs or leaders within those companies to take charge, allowing me to focus on strategic oversight rather than day-to-day management.
Focus and Perseverance
Growing multiple companies is not for everyone. It requires a blend of focus, perseverance, and, most importantly, a willingness to adapt and delegate. My advice for any entrepreneur looking to expand their horizon is to focus on creating a sustainable model for one before taking on more. And when you do expand, ensure you have a solid plan and a great team to back it up.
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Time-Stamped Show Notes
- [00:00:30] Introduction to the challenges of managing multiple companies.
- [00:01:30] Insights into the necessity of having fewer, more focused companies.
- [00:03:30] The importance of effective quarterly planning in business management.
- [00:05:30] The critical role of a competent team and leadership in growing multiple companies.
- [00:07:00] Final thoughts on the complexities and requirements of being a CEO of multiple businesses.