There are some entrepreneurs who are not satisfied with one business.
“Some entrepreneurs want to enter another industry and start with another business; they simply want to learn new things as life is too short to be doing the same thing for several years,” said Issa Asad Florida entrepreneur, businessman since 1996, and ecommerce expert. Issa Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
It won’t hurt to dive into another industry as long as you know what you are doing. Besides, it won’t be advisable to start a business you are not familiar with. You may end up wasting a lot of money in the process. When you have multiple companies, it would be hard to keep track with all of them.
There is no doubt it would be a great feeling to be the leader of a ton of successful companies. It is a lot easier said than done though. Here, Issa Asad Shares Important Advice for Entrepreneurs Who Manage Multiple Companies:
Assign a Reporter for Each Company
No matter how many companies you have, you must know the latest happenings in each one. You would not want one of them to suddenly fold because you did not know what is going on there. Besides, it would be hard to keep track of all of them. It would awesome if you have a reporter for each company who would tell you each day what is happening for each company. If one of them is struggling, you can put your focus there. If the income of the other companies is doing good then you won’t have to focus much on them.
It would awesome if you have a reporter for each company who would tell you each day what is happening for each company. If one of them is struggling, you can put your focus there. If the income of the other companies is doing good then you won’t have to focus much on them.
Organize Team Meetings Every Week
You would not want the employees in one of your companies to get the impression that you are not doing your job as a CEO anymore because you don’t have time for it. They may think that they don’t have a boss to answer to anymore.
Therefore, it is important to make your presence felt by having team meetings every week for each company. You must have your assistant print an agenda for the meetings so you will enter the meetings knowing what you will discuss with your team. Of course, there would need to be delicious food in the meetings.
Build Genuine Relationships
From the manager down to the janitor, you must maintain good relationships with all of your employees.
“When someone leaves the company, you would know right away who will replace that person,” advised Issa Asad. “It would be hard if you did not have close relationships with the people in your company.”
You must know their strengths and weaknesses and there is no better way to do that than by talking to all of them regularly. It may not have to be personally as you can also communicate with them through text or emails. A simple “How are you doing” would certainly lighten up their day especially since it is from their boss.
Groom an Employee to Be a New Operations Manager
When you want to start a new business, you can’t manage two companies at the same time. Therefore, it would be smart if you assign someone to take over the operations of your other company. This person must be a trustworthy individual so you must know him or her for quite a long time.
Also, the individual must have long-term goals for the company. The person must have all the traits you are looking for in a leader. Besides, it would be awesome to reward those employees who stay loyal to your company. Even if they got great offers from your competitors, they would still stay with your company. Nothing would make them feel better than the feeling of being promoted. You can even assign two or three operations managers.
Now that you know what you need to do when you have several companies, you won’t need to worry about one of them falling apart. You can look forward to a future of starting more businesses in different industries. Just when you think you are satisfied of having a recruitment firm, you can also dive into the food industry and start a restaurant. With the right partners, it won’t be hard to start one. Before you know it, you have several businesses already.
About The Author
Issa Asad
Issa Asad is a well-respected entrepreneur, best-selling author and marketing strategist from South Florida. With over 15 years of experience in the telecommunications, technology and marketing industries.
