Founder and CEO, LQ Logistics LLC.
Whether they’re starting businesses or purchasing them, it’s crucial that serial entrepreneurs effectively delegate their time between their various ventures.
If you’re a serial entrepreneur, spending too little or too much time on one business could have negative consequences. Spend too little time on one of your companies, and you risk missing key details that could cause a dip in revenue. Spend too much time on one of your companies, and you risk your other companies suffering and hindering your employees’ ability to successfully do their jobs.
When it comes to the time and attention you give each of your companies, it’s vital to strike the right balance. Here’s my advice on how to do so, based on my experience as a serial entrepreneur.
1. Set clear short- and long-term goals for each business—and break them into actionable tasks.
By setting clear short- and long-term goals for each of your companies and breaking them into actionable tasks (ideally, at least every quarter), you can gain clarity on what you need to do and when—and then get it done.
I regularly set clear short-term and long-term goals for my companies and then pinpoint what it will take to accomplish them. I categorize tasks into different areas, such as strategic planning, operations, marketing and finance. Doing so helps me stay organized and prioritize time between my businesses accordingly; for instance, I might realize that one of my businesses needs more attention than the others.
2. Set aside time on your calendar for each of your companies.
Once you know which tasks you need to tackle to reach your goals for your companies, set aside time on your calendar accordingly and focus on the work that will contribute the most to growth and success (look into the 80/20 rule).
I recommend allocating specific blocks of time for each business so you can immerse yourself in one at a time rather than jumping from company to company. Deciding to go on-site weekly at each of your companies (if they have physical offices) can be extremely helpful. You can knock out your related tasks there and see what’s going on. This is something that has enabled me to dedicate the right amount of time and energy to my various companies.
3. Prioritize your wellbeing and be ready to delegate work.
Running multiple businesses is challenging and can lead to having little or no work-life balance. Being self-aware and recognizing when you feel overworked and overwhelmed is important. If you feel overworked and overwhelmed for an extended time, it could indicate that it’s time to delegate work.
You don’t necessarily have to hire employees; you can look into hiring contractors or freelancers or outsourcing work to other companies (such as marketing and PR agencies). What matters is that you bring qualified people on board and are ready and willing to delegate work to others. It might feel like you’re neglecting your businesses, but in my view, you’re doing yourself—and your companies—a favor by handing over tasks, as it frees up your time to make high-level, strategic decisions.
4. Check in with people you hire, but avoid micromanaging them.
Whether you hire employees, contractors or freelancers, or outsource work to other companies, it’s vital to have regular check-ins with them to review their progress, address challenges and brainstorm solutions. Through those interactions, all parties will get more comfortable with each other and will be more accountable to each other.
However, while engaging with your team members is essential, you should avoid micromanaging them. Micromanagement defeats the purpose of hiring people for their expertise—it stifles their autonomy, hindering their ability to do their jobs, which can negatively impact your business. Instead, regularly check in with your employees, but trust them and give them the space they need to carry out their responsibilities.
5. Be willing to shift your focus onto one of your businesses at any given time.
Sometimes, one of your businesses will need more of your attention than the others due to various factors, such as shifting market trends and opportunities that require significant effort. If conditions steer you toward focusing on one business in particular, sit down and analyze the situation. Define why it would make sense to focus on that business and list the pros and cons of doing so. To the extent possible, identify how long you’ll likely have to direct your efforts toward that company.
If you decide to focus on just one of your businesses for a set amount of time, be sure that capable managers or other team members at your other companies are empowered to make decisions in your absence. Additionally, I can’t stress the importance of developing an emergency plan for each of your companies enough. Emergency plans should outline what team members do if unforeseen issues arise while you’re away, for instance, if someone falls or machinery breaks. However, be sure to inform your team members that the door is open, and they can still contact you about urgent matters.
6. Make time for yourself.
Earlier, I mentioned that it’s essential to recognize when you’re overworked and overwhelmed so you can delegate tasks as needed. But you should also go beyond that and proactively make time for yourself—pursue self-care, exercise, relaxation, time with family and friends, etc.
When you lead a balanced, well-rounded life, you can make better business decisions—and keep growing your companies.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here