How to make Minecraft run smoother?

First off I have a lenovo y550p, intel i7 quad core processor, an 8GB of RAM. My graphics card isn't that great, I think its a NVIDIA 240m or something. Anyways my issue is that i'm trying to run Minecraft, OBS, Skype, Spotify, and my server all at the same time so i can live stream. When I do this Minecraft begins to lag and get really choppy. Is there anything I can do to fix this? I already went into java in control panel and wrote -Xmx1G which I think allows java to use 1GB of RAM. I also changed all the minecraft settngs to the lowest possible. Max FPS, minimal particals, smooth lighting off, no clouds, render distance to tiny ect.