Are there different projects for different goals, or are all projects for the same goal?
Progress on Diverse Businesses
You know how much time you have to work. To devote to your livelihood, hobbies, family … your priorities. If you are involved in three different business ventures with three different goals and outcomes, growth in each will be slower as compared to just focusing in on one. Each requires an energy infusion – of effort and time – to get started. Even when you’re truly on the path and that drive starts creating results, your energy is required to keep processes going so the task can begin gaining momentum on its own.
Taking a closer look at your work style, and energy levels, will provide insight into what type of model will work for you to move each project forward. Responsibilities in your life are the results of your choices. Maybe what’s appealing are multiple business ventures, on which you are itching to see progress – yesterday. Or, sometimes you are burning the candle at both ends because of life priorities. Maybe it’s exactly what you are looking for because interest and ideas drive you forward.
There is a freedom in having multiple income streams.
Did you know there is also an inherit upper limit?
Your active business ventures, once ramped up, will only grow a certain amount; that sum total is directly proportional to the time you put into money-making activities.
To overcome that upper limit, you – as the owner of a diverse business set – require a strategy, which should encompass more than a traditional business plan. It is your exit plan, through which the focus shifts from you doing the work and providing the passion that ignites others who work with you. This is more than building systems so the business runs without you.
The blueprint also includes being on the lookout for the person (or people) you turn the torch over to who has the understanding, passion and skills to grow the enterprise. Now multiply that times each of your different businesses.
Investing in yourself by understanding the overall game plan (maybe not each step), and carefully choosing a group of people with whom to be accountable … that will help in shaping your vision into a critical element in the long-term success you’ve set as a goal for yourself.
(What I describe next is something to use for each of your businesses, and will help make the most of your – and your team’s – time and energy.)
Results on Multiple Initiatives for the Same Business
There is so much to do – so many fronts to reach out to, and people to serve! You see the value and opportunity, or get excited about something and add it to the list … because not listening could be a mistake.
Too many activities that spread across many different initiatives impedes forward progress. Remedying this requires decision-making and prioritization. To get started, try this approach on for size:
2. Take all activities and assess: do they fit with the goals on your plan for the year?
- Categorize the “Yes” and “No” answers into separate groups.
Let’s look at the “Yes” activities first. Now prioritize that list:
3. Order the activities that directly relate to income (and how much income) and end with the most indirect, lowest-income activities.
4. Go back to the 4×6 Card Business Plan and look at quarterly goals.
5. Put a star next to the activities that will make your quarterly goal a success.
- The two or three highest income-generating activities for the quarter are the most important activities to do.
- The two or three highest income-generating activities for the year are the next most important.
The rest are important, and even necessary. Yet, they may be jobs that can wait to be worked on occasionally, or maybe even done by someone else.
Now let’s look at the “No” activity list.
There is some dead weight here. Realizing that does not make what comes next any easier. Do whatever you have to do to get rid of three-quarters of the activities. This doesn’t mean outsource … this means let go of and get rid of. Do it already!
Save the last few activities on your “No” list for later. You are attached to these for some reason. The timing isn’t right – right now. This can fuel your creative thoughts when you are dreaming and thinking big about planning for the business – next year.
Focus on the priorities you’ve selected.
This exercise creates a single vision based on your goals and objectives, to both deliver a service that people want and generate the revenue you want.
PS: Don’t wait for each quarter to do this exercise. Sometimes a “Yes” activity turns into a “No” over time. Check in with your activity list at least once a month.
I’m excited to hear about your experience with this exercise, whether it holds you accountable for your choices, and helps in making better decisions for your business.
Please tell me by commenting on this blog post!