Every business owner dreams of having a thriving, diverse portfolio of booming businesses. But with that level of success can come with a lot of stress. Ryan Bishti is no stranger to juggling the many sides of the business, including the balancing act of managing multiple successful companies. His hospitality business, The Cream Group London, has launched London landmarks like The Windmill Soho and cuisine icons like Restaurant Ours into the stratosphere.
Of course, Ryan has the education needed to adapt to the changing business world; his background in marketing has helped him dive into business management with enthusiasm. But a college education does not ensure the level of success seen in Ryan’s career. He successfully launched The Windmill Soho restaurant in the middle of a pandemic, preserving London history and bringing a fresh new restaurant to the city. His businesses have catered to celebrities, politicians, and socialites, and continue to thrive despite the challenges of today’s world. After a dozen successful launches and nearly two decades in the business world, one can only wonder how Ryan Bishti does it.
Ryan’s answer may shock many people struggling to balance multiple businesses. His answer to managing success wasn’t some big secret. No, it was very simple: have the right plan. Naturally, the next question was, what exactly is the right plan? Thankfully, Ryan has a few tips on developing a plan to manage a broad business portfolio.
Tip 1: Focus on Time Management
Success can easily overwhelm the unprepared business owner when it comes from multiple directions. Ryan Bishti has juggled more than a handful of successful businesses at once and knows that the best way to reduce stress is by implementing time-management skills.
But everyone has different ideas about what “time management” means. To Ryan, time management works when he follows a schedule. Even on the busiest of days, he allots specific amounts of time to each task, whether business planning, promotion, or managerial duties. But, of course, he also knows that surprises come up, so it’s critical to include wiggle room in any schedule or plan.
Business owners new to time management can start by developing daily and monthly plans. Each day, achieve a certain number of goals that will help move the businesses toward the monthly goal. Additionally, keeping a list of priorities for each business separated into weekly, monthly, and yearly goals can help business owners measure the effectiveness of their time management.
Tip 2: Develop the Right Team
Plenty of successful business owners fall prey to overworking themselves. It’s not uncommon to find that a business owner has managed several businesses independently, with little support. But Bishti notes that working a business alone is how things fall through the cracks. It’s important for business owners to develop a team to increase success and productivity.
Part of Bishti’s success lies in his dedication to instilling trust and autonomy in his employees at every business he runs. Trust, he says, is a two-way street. If he can’t give his employees room to grow and the space to succeed, they can’t do the same for the business.
Building the right team is more than just hiring people. Business owners should look for expertise and team dynamics when hiring. Their team should consist of people with the same goals as the owner, and their skills should reduce the stress and responsibilities of the owner themselves.
Tip 3: Treat Each Business Separately
Having multiple successful businesses is excellent, and many business owners often measure their success by all of their endeavors as a whole. But treating every business as a cog in a big machine will create problems down the road, says Bishti.
To increase the productivity of the business, the staff, and the owner, every business must receive separate attention. Yes, at the end of the day, a portfolio is measured by the whole picture, but it’s much easier to manage businesses when they are separated into their own spaces.
The more focus a single business receives from its owners and staff, the more growth and progress that business will make. Thus, when a portfolio of multiple businesses receives individualized attention, the overall success of the portfolio will grow too.
Bishti recommends incorporating this separation in with time management. Focus on a single business for a day or a specific time in a day, then switch to another business. Owners are less likely to make mistakes when not jumping back and forth from managing the affairs of multiple businesses at a single time.
Tip 4: Have a Safety Net
The best businesses often result from taking risks. Ryan Bishti took a leap when reopening The Windmill Soho, but he felt secure in taking the risk because he had a safety net in place. Business owners struggling with too much success need the security of backup plans and emergency procedures to take the edge off their anxiety.
A solid emergency plan looks different for every business. Still, it should include several key components, including a funding safety net in case the business runs into financial problems, backup plans for technology failures, and an infrastructure that can evolve with changing industries and economies.
Bishti also recommends that every successful business have a backup plan for when the business owner is out. Preparing co-owners and team members, through delegation and training, to manage without the owner can keep a business running even if the business owner is out sick or on an extended vacation.
Having multiple successful businesses can prove more stressful than one might think. Thankfully, following advice from expert entrepreneurs like Ryan Bishti can help business owners thrive under the pressures of success.