Too Much to Handle? How to Manage Multiple Streams of Income

Growing pains are a good thing. It typically means the business owner is making all the right moves. They don’t come without sacrifice though as the growing enterprise gets tougher to manage, and in particular when they are learning how to manage multiple streams of income. 

Every entrepreneur wears many hats throughout their day. They have to track expenses and income. They oversee the daily operations, and safety procedures are always paramount whether it is with personnel or the company assets. There are suppliers and customers to deal with. Still, even the savviest of business owners can’t escape the fact there are only 24 hours in a day. When the work load gets to be too much to handle then something is going to give, and it’s up to the owner of the enterprise to decide which way the chips will fall. There are a few different approaches to keep these multiple income streams more manageable.

The Keep It Simple Stupid mantra is one that is shared by many owners, and for good reason. It may be time to cut loose of the lower end producers and sell them off. While this is a good problem to have, it’s still a tough decision to make. This is one way to free up some of the shackles while focusing on the real bread winners. However, diversity is just as important in business as it is with investing in the markets so this is an important decision to make. If all the fires are keeping a company back from focusing on the more productive and higher yielding income streams, then this may be the best course of action if resources and time are extremely limited.

Hire more staff, and go big or go home. It is very difficult to cut ties with an income stream that has been a success but just not as successful as others are doing now. If selling isn’t an option for whatever reason, then it’s time to call for backup so to speak. Even Donald Trump doesn’t manage every facet of his properties every minute of the day. Instead, he’s hired people he can trust to step in to make those monotonous calls, while also even handling a few of the tougher decisions. A good manager is an absolute key to further growing the company.

Another alternative to hiring someone is to outsource it instead. These days everything can be outsourced as more and more companies are redefining their in-house staff. There are fully staffed call centers that can be outsourced. They field calls, make sales, process orders, and schedule appointments to name a few. There are several other tasks they can manage as well like marketing, shipping, and even virtual offices that can handle meetings with clients anywhere in the world.

In the end, having multiple income streams is the best approach any business owner can take and especially these days. However, when the workload gets to be too much, it can become destructive trying to stay on top of everything. These solutions here are the way to handle them while continuing a profitable yet manageable future for the company.

4 Responses to Too Much to Handle? How to Manage Multiple Streams of Income

  1. It can indeed be quite difficult to handle everything on your own. There’s nothing wrong with hiring some extra hands to the job for you. Outsourcing is one good way to do it.

  2. Michelle says:

    This is something that I am definitely working on. I just wish that there was more time in a day! :)

  3. Focus on the part you enjoy doing the most and hire others to do the other pieces. By having others around you who you can trust and have strengths that you don’t, can be a great combination to future success.

  4. Arturo Mills says:

    The point is that your career becomes more resilient when you weave for yourself a safety net of multiple income streams and opportunities so that you are less dependent on a single job or client.

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