Running even one large business requires serious expenditure of time, money and energy. Only a few entrepreneurs manage to run several business projects that work effectively at the same time. Nozimjon Gaibulloev heads several successful companies, and they operate in different spheres - from manufacturing to telemedicine. The businessman is the head of a company producing packaging materials - Rubber Plast Pharm LLC, the director of development of the first and only in Uzbekistan mobile application for online medical consultations XMed, he also manages the hotel complex Garnethotel and the business of renting warehouse space. In total, Nozimjon has about 500 employees under his command, and the turnover of the companies per year is about 15 million dollars.
How ideas emerge
According to Nozimjon, the decision to launch each of his businesses was due to the desire to cope with certain tasks and to make the best use of available opportunities. For example, the idea to produce packaging came when he worked in the credit department of one of the largest banks in Uzbekistan. Having started his career as a junior specialist, a few years later he was already in a senior position and was personally communicating with clients representing the leading enterprises of the republic. In the course of this communication Nozimjon noted for himself customers' complaints about the lack of quality packaging products and frequent delays in deliveries. Having analysed the market situation and weaknesses in the work of the packaging suppliers that existed at that time, he thought of solutions that could meet the needs of customers and ensure his company's competitiveness.
The business was opened in 2012 and started with just six employees. Today, it is the largest packaging materials production facility in Central Asia, employing approximately 400 people. The company produces packaging for leading enterprises in Uzbekistan and CIS countries. Producers of wine and spirits, dairy products and mineral water from Kazakhstan, Tajikistan, Kyrgyzstan, Turkmenistan and Azerbaijan order its products. Nozimjon said he has seen a growing interest in quality packaging, especially as exports of local goods increase. Therefore, the company plans to enter international markets and continue to expand its product line with a focus on environmentally friendly materials, which is in line with global trends.
The hotel project, as Gaibulloev explains, was the result of his passion for travelling and hospitality. 'I have always dreamed of creating a place where people could feel at home. After studying the market, I noticed that there was a lack of cosy and affordable hotels in our region. This prompted me to create my own hotel, which offers comfortable conditions and an individual approach to each guest,' says the entrepreneur. This line of business is also showing steady growth: the two Garnethotel hotels in Tashkent are 90 per cent full most of the year and regularly serve as venues for major events. The Agency for Youth Affairs of the Republic of Uzbekistan, for example, has chosen the hotel to host its forums in Tashkent. The entrepreneur plans to open new hotels in the country.
As for the mobile application for medical services, Gaibulloev and his business partner conceived it during the pandemic, when the need to move many services to the online space became particularly evident. The decision was influenced not only by the new reality with its covid constraints, but also by personal observations. Nozimjon says he knew how people in hard-to-reach regions had to travel more than 1,000 kilometres by car or train to get to Tashkent to consult a doctor. He realised that a telemedicine application could be useful for everyone: doctors could earn extra money and patients could get access to medical care. For the state, such a project is useful for facilitating the provision of medical services to the population and protecting citizens during epidemics and peaks of seasonal infections. For the businessman himself, the launch of such an application has become another profitable project. To date, the XMed application has passed the milestone of 250,000 downloads, it has tens of thousands of active users in the country and abroad (as far as Korea and the UAE), more than a hundred partners among companies and brands, and specialists both in Uzbekistan and abroad cooperate with it. Nozimjon sees great prospects in telemedicine and plans to add new features such as online appointment for tests and an expanded catalogue of doctors.
Pros and cons
There are both positive and negative sides to being involved in several different business projects at the same time. Nozimjon considers diversification of risks to be the main plus. Different businesses can offset each other's financial risks. If one sector faces difficulties, the others can continue to generate income. According to the businessman, the decision to open several companies in different spheres was due, among other things, to his desire to be sure that his employees will always receive a stable salary, even if there is a temporary downturn in one or another sector.
He describes the advantages of running several projects in parallel as the ability to use the experience and resources of one business to improve processes in another, as well as expanding the client base and creating more stable ties with clients and partners, which strengthens market positions.
In Nozimjon's experience, the main difficulties are related to the need to take into account the specifics of each area. For example, he describes production as an easier process from a management point of view: the most difficult stage is the initial one, where you have to buy equipment, hire staff, and set up the workshops. Things are different in the hotel business, where you need constant control over the level of service and attention to even the smallest details: any minor deficiencies in the hotel's work can become a cause of dissatisfaction for the guest.
Another important point when launching each new business is the need to accurately calculate the financial costs. The risk of investing in different projects is a possible increase in total costs and deterioration of liquidity.
In terms of investing their own time and effort, the entrepreneur also points out certain difficulties. Running several businesses requires considerable time and intellectual resources. This can lead to overload and reduce the quality of management. Also, the need to pay enough attention to each area can have a negative impact on the results: there is a risk of missing important details.
Do you need another business?
Nozimjon advises entrepreneurs to 'think several times' before deciding to launch a new project in addition to an existing one. In the businessman's experience, the following points should be taken into account:
Stability of the first business. "If you feel that there is nowhere to grow and the market is overcrowded, it may be time to open the next business. But at the same time, you should be sure that the first one is already able to exist without your constant interference, allowing you to focus on new initiatives," says the businessman. If the first project is stable, profitable, and the processes are well established, it creates a good basis for launching additional areas.
Availability of resources. It is important to assess whether you have enough opportunities to launch a new project. And it is not only about financial investments and labor, but also about your own time - the time you can allocate to managing new projects.
Team. In managing multiple lines of business, delegation is key. Are you ready to delegate some responsibilities to the team and are you sure they can handle it?
Opportunities for synergy between projects. It is much easier to venture into new areas if your next business can utilize existing resources. For example, if there is an established client base that you can transform for a new area, it makes many processes much easier.
Risk tolerance. "If you are not afraid to take risks and realize that not all projects can be successful, you can consider launching several areas at the same time," says Nozimjon.
Approaches to running a business
Managing multiple lines of business requires excellent time management and planning skills. Nozimjon shares his own approaches that help him optimize processes and distribute forces between projects.
First of all, the right system of priorities is important. "I use the Eisenhower Matrix methodology to divide tasks into urgent and important. This helps to focus on what really matters and avoid useless fuss," says the businessman. He prioritizes large areas that can generate more profit. At the same time, he emphasizes that it is important to remain flexible and ready for change: sometimes priorities can change, and you need to be able to adapt quickly.
Effective planning helps a businessman to see the big picture and avoid being overwhelmed. He prefers to make weekly and daily plans, allocating time for each of his projects. He analyzes the progress of all projects on a weekly basis, which helps him to adjust plans in time and allocate time for the most important tasks.
Delegation is a critical part of effective leadership. "I delegate many tasks to the team to focus on strategically important aspects of the business," says Gaibulloev. - This allows me not only to relieve myself, but also to develop the skills of my employees." In his opinion, in any team, each person should feel that he or she personally influences the processes and the result of the overall activity.
The use of technology helps to track tasks, set deadlines and maintain team communication. Nozimjon names such tools as Trello or Asana among the most useful tools for project management.
Last but not least, one of the most important factors of success, the businessman calls time for himself - rest and recovery help to maintain productivity and creativity.
