Juggling Multiple Businesses? Here's How to Stay Sane
Written by Sonia Gibson
Running several companies at once isn't for the faint of heart. After years of advising entrepreneurs who manage multiple ventures, I've witnessed firsthand the challenges and triumphs that come with this ambitious path. I've seen various approaches to managing multiple businesses, and there's definitely a pattern to what works
Start With Expert Guidance
Your accountant should always be your first stop for personalised advice. We can help you navigate the complex tax implications, optimal business structures, and financial strategies tailored to your specific situation.
But beyond the financial considerations, there are practical operational approaches that can help entrepreneurs thrive while managing multiple ventures.
Create Clear Boundaries Between Businesses
First, give each business its own identity. This doesn't necessarily mean separate physical locations - virtual boundaries work too. Set up distinct legal structures, separate bank accounts, and dedicated workflows for each.
Many business owners learn too late that improper separation between businesses can lead to significant legal and financial complications. When legal issues arise with one venture, proper separation is what protects your other businesses from being affected.
This doesn't mean each business needs its own office. Many entrepreneurs successfully run multiple online businesses from a single workspace. The key is creating clear administrative and legal divisions, regardless of physical location.
Balance Separation With Strategic Resource Sharing
While keeping them legally separate, look for smart ways to share resources. Office supplies, third-party services, even marketing initiatives can sometimes pull double-duty across businesses. Resource sharing, when done strategically, can lead to significant cost savings across your business portfolio.
Many business management tools offer multi-company features that allow for separate tracking while paying for just one subscription. The trick is finding the balance - maintain legal separation while leveraging economies of scale where it makes sense.
Documentation Becomes Your Memory
Documentation becomes your lifeline when juggling multiple ventures. Whether you prefer digital tools or old-school notebooks, document everything. Your memory will inevitably face challenges when you're bouncing between businesses.
Establishing standard operating procedures (SOPs) for each business ensures consistency even when your attention is pulled in multiple directions. Some entrepreneurs use color-coding systems - different colors for different businesses - to help mentally switch contexts when moving between projects.
Build Dedicated Teams For Each Venture
Your teams make or break your success. Entrepreneurs often struggle when trying to have one team handle multiple businesses. Instead, building dedicated teams with clear responsibilities for each venture ensures smooth operations when your attention is divided.
This doesn't necessarily mean completely separate staff for each business. Sometimes roles can overlap, but clear delineation of responsibilities is crucial. Having structured leadership in place for each business allows you to focus on strategic growth rather than daily operations.
The most successful multi-business owners invest significantly in team development. When you can't be everywhere at once, having people you trust becomes invaluable.
Know When To Bring In The Experts
Finally, know when to call in the experts. Successful multi-business owners recognise their limitations and aren't afraid to seek help. Whether it's tax planning, HR challenges, or marketing strategy, professionals can help you avoid costly mistakes.
DIY approaches to specialised areas like bookkeeping or legal compliance often end up costing more in the long run than hiring professional help from the beginning - I’ve seen it happen so many times. What might seem like a cost-saving measure initially can lead to very expensive corrections later.
Balance Is Everything
Entrepreneurs who succeed with multiple businesses aren't necessarily working harder - they're working smarter. They've mastered the art of delegation, created systems that run without their constant input, and know when to step back and trust their teams.
Managing multiple businesses successfully is absolutely possible with the right approach. With clear boundaries, smart resource sharing, thorough documentation, dedicated teams, and professional support when needed, you can build a thriving portfolio of businesses without losing your mind in the process.
If you would like specific advice tailored to your business and circumstances, Accounting Heart offers affordable service packages where you can work with our team one-on-one to help you get your business where you want it to be. Book your FREE Discovery Call to find out more.
Disclaimer: This is general information only and is not advice of any sort. No warranty or representation is provided by Accounting Heart Pty Ltd as to the accuracy, currency or completeness of the information contained in this blog. Readers of this blog should not act or refrain from acting in reliance upon any information contained herein and must always obtain appropriate taxation and/or other advice as may be appropriate having regard to their particular circumstances.