Nine Lives Media Inc. has encountered a wonderful problem: We have several ideas for new media platforms, but we’re super-busy managing our three existing media brands: MSPmentor, The VAR Guy and Works With U. So, how does a relatively new company balance “existing” projects with “new” opportunities?

We’ll be weighing that question heavily over the next few weeks, as we review our plan for the second half of 2008 and begin looking at 2009.

When Amy Katz and I launched the company, every day was filled with new innovations: New beta web sites, new beta functionality, new sales strategies, new outsourcing relationships. But as our sites moved from beta to production, we’ve started spending more and more time “maintaining” and investing in current operations and business processes.

While Amy runs our business — driving sales, managing finances, and building new relationships — I’m busy applying polish to our sites, developing new content and building audience. We’re swamped (in a good way).

So, how do we continue to innovate, even as we run existing operations?

The most basic answer is something I call “five hours of innovation.” Each week, I’m determined to spend at least five hours experimenting with new Web 2.0 capabilities. And going forward, I think I’m going to formally block off my Friday afternoons for this. That may sound like wishful thinking, but it’s always good to have written personal goals.

At the same, I use every phone call, online and face-to-face engagement to learn from our readers, our sponsors and the broader IT industry. Many high-tech companies (Autotask, Dell, Cisco, Nimsoft… and dozens more) are experimenting with Web 2.0 media and online communities, and are willing to share their learnings.

Yes, managing a new business is keeping Amy and me incredibly busy. Someday, hopefully in the distant future, we may be too busy to innovate. When that day comes, I intend to retire.