You should always have an exit strategy in place – no matter what.
Whether you’re just starting out or you’re a veteran business owner, you should always have an exit strategy.
You might hit a tsunami. You might decide to try a different venture. You might want to retire. You might want to pass the business to your children because it’s a mistake to overlook succession planning.
Plus, not to discourage you, but data shows startups often fail. You should plan to create an asset that can be sold as easy as possible.
Here are basic tips to start:
1. Business plan
It should contain action-strategies for results.
Involve all logical employees in planning. Include your key performance indicators – measurements to meet operational and strategic goals – from finance to marketing.
That means being strategic.
For additional reading here’s a checklist for success in business planning for the new economy.
You should have superlative accounting system. Use best practices in financial statements.
3. Operational and other business processes
Be well-organized and documented, and constantly evaluate your policies and procedures. Remember that management best practices include solid operations checklists.
4. Branding and marketing
Don’t forget the importance of being tech savvy and using content marketing.
Be prepared to demonstrate your competence in technology. Be current for your industry and streamline as much as possible.
Make certain your business is prepared with tech precautions and response philosophy.
7. Human resources
This is the last tip but quality talent is the most important asset to attract a qualified buyer. Take reasonable steps for excellent employee relationships.
Take precautions to make certain your stars don’t become free agents.
Every business is different, but you get the idea. Make certain your business performs at a peak level and keep everything documented.
This will insure you receive top dollar if you decide to sell. It goes without saying that you want to be as competitive as possible anyway, right?
From the Coach’s Corner, here are more tips:
11 Sales Strategies to Outsell Your Big Competitors — Big companies have obvious advantages over small businesses. Their brands are well-known. They can afford sales training, sales-support staff and customer-relationship management software. On the other hand, there are good reasons why Cyber Monday has become big for small businesses.
Sell Ideas to Senior Executives, Tap into Their Emotions — If you want to persuade a senior executive, polish your soft skills. Whether you’re trying to sell your ideas to your CEO or you’re trying to sell to a key decision maker at another company, big data is important. But data isn’t the most important factor in persuading senior executives.
“Affairs are easier of entrance than of exit; and it is but common prudence to see our way out before we venture in.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.
Photo courtesy of Stuart Miles at www.freedigitalphotos.net