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?
Great question! If you truly want to maximize income/revenue, I would recommend sticking to businesses that are related and can take advantage of economies of scale. That will maximize Your profits and revenues. If your multiple businesses are unrelated -- Like in the old days a conglomerate, will dilute the power of what you and your team can achieve. Plus scaling unrelated businesses at the same time is the quickest way To wasting resources and not getting enough traction in any of them.
Answered 5 years ago
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