Managing one business is challenging to begin with, but managing two or more is probably something that will make a businessperson sweat a lot. Yet people do it. It ensures that you are working to the best of your interests and abilities.
A thriving example of this is Emirati businessman Obaid Belresheed, the Belresheed Group founder. His journey started in 2001, and now he is the owner or developer of several businesses and industries.
His commitment to and focus on his properties and business is commendable. Here, he has shared five tips that will help upcoming entrepreneurs manage their businesses and ensure that they thrive.
1. Central Location
Real estate is the very best commodity out there. To use it beyond its usefulness is absurd. Most entrepreneurs buy individual properties for individual businesses and pay exorbitant taxes on all these properties. Instead, a central location that runs all or at least the majority of your businesses will do a better job for you. You can even keep an eye on things easily if they are all in the same place, said Belresheed.
2. Set priorities before you even begin
All your businesses are important. It isn’t easy to choose between them. But sometimes, it is necessary to prioritize one over the other. You can base your choices on the market demand for your products or service. Additionally, you can also run the businesses and look at the consumer data to make an informed choice. Getting organized and delegating work to others will take time, unfortunately.
3. Don’t let the small stuff get you down
It is important to stay positive. Try not to think about what might happen. Have contingency plans that help you in the event one of your businesses is about to fail. With experience, you will be able to handle these types of situations even more efficiently.
4. Study the results
A detailed report is better than any survey you can do looking for answers. Act on the reports and statistics that are given to you. Use them to make changes to your business models, delegate better, and control efficiently, adds Obaid Belresheed.
5. Bring in the experts
There’s always going to be a desire in you to run things yourself. This decision can either be good or bad in the long run. Learn to work with experts, and trust them to make the right choices for you and your company.
