Etini
Valued Contributor
Managing multiple businesses as an entrepreneur could be very difficult if not handled with tact and creativity. It often times is either there is inefficiency in one of the businesses. But there are tips to manage multiple businesses efficiently. They are:
1) Look for points of overlap of roles and responsibilities between the two businesses and run it as a single unit. This simply implies that any shared task between the two businesses, run it as one simultaneously.
2) Use staff with complementary skills accross the two businesses. Any staff of one of the businesses that has a skill that would be useful in the other business, negotiate with him or her with good incentives to work across the two businesses. That saves time and efforts in supervision.
3) Place joint orders for supplies: Work out a way to manage inventory accross the two businesses to make sure supplies that are common to all the businesses are jointly supplied. You get more discounts that way.
1) Look for points of overlap of roles and responsibilities between the two businesses and run it as a single unit. This simply implies that any shared task between the two businesses, run it as one simultaneously.
2) Use staff with complementary skills accross the two businesses. Any staff of one of the businesses that has a skill that would be useful in the other business, negotiate with him or her with good incentives to work across the two businesses. That saves time and efforts in supervision.
3) Place joint orders for supplies: Work out a way to manage inventory accross the two businesses to make sure supplies that are common to all the businesses are jointly supplied. You get more discounts that way.