Bye-bye Business

Do you know where you are going?  If you own a business then one of the most powerful things you can possibly have is an exit strategy.  Why?  How you want to get out of your business determines a lot about how you setup business, what choices you make and how you run your business day-to-day.

Have you thought about how you are getting out of your business?  It's a very serious question that you need to give thought to.  You need to look at the stakeholders in your business to see whether the exit strategy works for them as well.  I'm not just talking about another director or co-owner, it could be your family who is the stakeholder in you and your business.  You might find that you and your spouse have very different ideas of when you want to get out of your business.  Maybe they are looking for a relaxing retirement and you are looking to work well into your 70s.  If you haven't talked about getting out... now is the time you need to do this.

How can you use this knowledge to your best advantage?  Short answer: Everywhere!  Your business structure, your growth strategy, your image, your marketing, your client base both now and in the future, the list goes on.  In fact, between the entry and exit strategies are the systems and workflows that create your business and uphold the exit strategy you have set.  Remember this is not a "one size fits all" situation.  If you want to sell your business in the near future, you are going to have a radically different take on growth compared to if you would like to slowly reduce your hours till you are working part-time in 5 years.

But it's not just when you setup a business do you need an exit strategy.  You'll go through many exit strategies in your business.  In fact, for every entry strategy, there should be an exit strategy.  An entry strategy to a new market may need an exit strategy such as franchising, selling the business or even employing and growth can be an exit strategy as you take your business from one stage to the next.  Exit strategies are almost big picture goals but often cater for the down-side that a pure goal does not cater for.  See this as practical and inspiring.  Often small business owners have found the greatest growth in the biggest challenges.

So, if you haven't thought about how you'll say bye-bye to your business, it's time to talk to the stakeholders and align your exit strategy.  By doing this, you set the framework in which your business systems can operate to move you ever closer to that big goodbye!