You will be surprised to know that Carlos Ghosn, the chief executive of Nissan and Renault travels over 300,000 miles every year to manage his companies. He has such hectic schedule that he has to preschedule in 15 months’ advance. Richard Branson, the founder of famous Virgin Records has overseen over 400 ventures in his entire entrepreneurial career.
Only this level of dedication can ensure the success of a company. However, this level of multitasking is very hard to maintain properly. The best example would be Steve Jobs who had to face immense pressure when he had to simultaneously manage Apple and Pixar. He even claimed that it was his worst time. Elon Musk, the chief executive of SpaceX and Tesla has faced lack of freedom. In fact, he has only taken 2 weeks off in the last 12 years. Dedication and consistency was their key to success. Here are some important approaches to manage multiple companies simultaneously.
1. Give your team a long leash
Managing multiple companies in various countries manually is almost impossible. You have to divide your work force to manage the decisions locally to achieve success. For this reason, you must hire the right people who will lead various operations in your companies at a local level. Meanwhile you can concentrate on larger strategic decisions. The general managers at the local firms will manage the product and customer service experience. On the other hand, you can focus on pricing strategy, growth and innovation.
2. Build a seamless horizontal team
Now that you have hired the right people to manage various companies. Next step is to improve collaboration and share resources among your team. For this you need to hire the ace executives from various businesses to create horizontal teams. This will ensure streamlined workflow and reduced operation costs. It will also provide the individual businesses competitive edge and support.
3. Share resources across your businesses
Implementing knowledge from one business to another can dramatically reduce the learning curve. This generally helps to grow in very competitive environment. You also create a pool of resources if you have businesses in similar sectors. As buying raw materials in group keeps the cost down well. While sharing the R&D technology enhances the efficiency across your products. Disney is the best example for this. Disney is able to manufacture toys from their movies.
4. Visit the companies in real time not through video calls
It is true that video calling has made communication easier. Video calling has narrowed the communication gap between two places by saving time. However, face to face interaction has its own importance. It is very crucial to visit each business to understand their own unique ecosystems. You must have the knowledge about the office culture, dynamics among the executives, rules of a business. None of this is possible without physically visiting the place on your own. It doesn’t matter how much time you spend on conference calls. Physical presence and interaction has no other substitute.
5. Give priority to your time
Time management isn’t simple if you are planning to maintain multiple businesses together. For this reason, prioritizing your tasks is very important to manage your businesses. You can hire a personal assistant who can manage and schedule your tasks. This gives complete track your work flow easily.