Questions

I run several online businesses and have an office based team of staff that work across them all. My problem is that I feel I have a lack of focus and direction (due to having multiple businesses) and I'm sure the staff feel confused at times too. All businesses produce an income, but none are doing anything "amazing" or as good as they could. I'm torn; I like having multiple income streams (not reliant on one thing) but at the same time I'm frustrated with lack of progress across them all. What should I do? Get rid of some businesses to clear my head, delegate/structure it better or something else?

Hi
this is a very good question, which I have had to decide on as well. when I was younger, I had about 4-5 internet websites. All generated some income (also not 'amazing' :-) ) but I was spread thin. After reading an article titled something like: "a true winner knows when to quite" I realized that I had to 'let go' (see below) of at least 1-2 websites.
My advice is this:
1. Analyze (to your best ability) which business has the potential to be most profitable. I would include your staff in this discussion/research and be open minded.
When analyzing the businesses, don't forget to take into account what you're passionate about, and which business is the most time consuming (for you and your staff) in relation to the profits it brings in. Imagine that you are getting paid an hourly salary to work on each website.
* side note: if possible, and seeing how you are probably biased towards some of the businesses, I you can have staff present you the facts/numbers without telling you which business they are referring to.
2. Let go of the 1-2 least most profitable business. By letting go, I mean either sell it, or bring in a partner who will manage it completely (after you complete the handover process). The partner can have the majority of the shares, and that way he/she has an incentive to make it profitable - and you can enjoy the passive income (just be clear that after the handover is complete you will not be involved). This partner might even be one of your staff if they already know the business and have the potential and passion to take it further (on their own time).
Bottom line: your most valuable assets are your time and skills. Make sure that you are investing them in something that will maximize your profits.
I'm happy to further advise by phone. Either way, let me know what you decided and how it turned out.
Good luck


Answered 5 years ago

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