Managing multiple Businesses at once. What methods are there?

Discussion in 'Growing and Managing a Business' started by MoeMonney, Sep 1, 2013.

  1. MoeMonney

    MoeMonney
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    Hello,

    I currently have 3 Businesses. My philosophy has always been chase your dreams and I have made businesses in the fields that I most like. The problem is that I now have problems with logistics and management. Ive been considering hiring someone with an MBA to set up an efficient system of management. My businesses are in 3 different fields and I would like to add another this year in New York City. What would you suggest is the best way to achieve an efficient management system for multiple businesses? Who should I talk to or where should I look?

    Thanks and Best Regards!
     
  2. Paul0130

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    It is hard, depends what type of business?

    I always find your head is more into one than the other and most of your time goes into that, maybe hire someone who can manage another for you or have managers for each? Depends really what business it is and what your goals are
     
  3. MoeMonney

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    They are 2 web businesess and a manufaturing facility. I figure there must be a method or a strategy if others are currently doing it and very well at that. Any books or info or people that know about this?
     
  4. Fergal

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    A book worth reading would be the E-Myth Revisitedd: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber. It discusses how to manage a business through delegation, once it reaches a level where you can't manage it yourself. It's some time since I read it, but it seems to be exactly the type of book you are looking for.

    Good luck with it.
     
  5. Changed Creation

    Changed Creation
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    I would recommend 3 things that will make management much easier.

    The first is with regards to management of people and I got this from my mentor Hannes Dreyer, a highly successful self-made businessman who runs more than 20 businesses all generating very high income for him. He uses a 3 questions system to manage people working for him. It hinges on 4 rules. The 1st rule is that every employee has to report back to him on a daily basis without exceptions. The 2nd rule is they have to keep it short and simple. The 3rd rule is they have to use e-mail and the last rule is they must not spend more than 5 minutes, at the end of the day, preparing the e-mail. The 3 things he wants from them in the e-mail is: 1 What did you do today? Not what are you busy with or are you going to do, but what was done. The 2nd is What did you learn today? This forces employees to reflect on their growth daily. The 3rd How are you going to solve the problems or setbacks that you encountered today? This forces them to think for themselves and not run to you for everything. He teaches that as a businessman you are accountable for their actions because you will bear the results of their actions, both money or business wise!

    A 2nd thing is with regards to how and I also got this from Hannes. (My 2nd business failed amongst others because of a lack of it!)
    Know what it is that you want to achieve and by when.
    Put a system in place that works for you (like the one above)
    Internalize this system until it is habit. (Systematize and then find ways to measure their results so that you can control them!)

    The 3rd is with regards to your use of time.
    All day regularly check yourself by asking this question: What is the most important thing I need to do right now, that will have the biggest impact on my life and bring me closer to my goal? This question will help you eliminate procrastination and disorganization.

    Hope this helps:)
     
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  6. Business Attorney

    Business Attorney
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    Changed Creation: Those are good tips but the email seems like it could take a lot more than 5 minutes to write. How does he keep employees from spending an inordinate amount of time over-thinking and polishing the email? And you say "every employee ... without exception" reports daily. I don't know what kind of businesses he has but does that mean every managerial employee or literally every single employee down to the mail room clerk and receptionist?
     
  7. Changed Creation

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    Business Attorney: No he really means 5 minutes. He is a no nonsense kind of guy. The more the employees report, the better they become at doing it. Most of his employees have internet connection and this is a fabulous way to stay tuned into what going on. He travels quite a bit! I'll send him an e-mail to ask if he would mind deliberating how he implemented this in all of his businesses and let you know as soon as I get his response.
     
  8. Business Attorney

    Business Attorney
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    Thanks for your response. I'd be interested to hear more.
     
  9. Changed Creation

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    Hi Business Attorney and MoeMonney
    I got this from feedback with more info from Hannes with regards to how he manages his various businesses. I'll translate:
    "Grethie, yes, it is important that all 3 questions get answered. We use it every day. Even our workers on Shumbas have to do it (Shumbas is a guest lodge and game farm). It really only takes 5 minutes. In the beginning people write to much trying to impress you, but it becomes more realistic as time goes by. Then it really only takes about 5 minutes. It is much easier to impliment from start up than when you have to introduce it later on in business life as a change. But when its not done we use it as a reason to fire someone. It is part of the jobdescription. We have fired persons before because of it. Your problems will only get worse if you don't act early enough. We read the 5 min rapport and then know immediately if problems are going to pitch in the business before they happen. In this manner we can also identify a lot of other things such as training needs, issues that must be addressed, things that must be finalized. The biggest value that your employees gain, is that they learn that they can communicate with you, and that you will listen to them- if you use the sistem right. They also learn that results are important and not just beautiful sounding words! When a rapport is too long, then it starts to just become idle words.... Then you must handle it as it happens. Hope that helps!"
     

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