You may not have any intention of selling your business. You may have already decided that, when the time comes, you’ll simply hand it over to family members or existing employees. As a result, you may not think you need an exit plan. You’re wrong. There are four key reasons why you need an exit plan – and here they are.
Goals are important. If you don’t have long-term, ambitious goals, you will have nothing concrete to work towards and your business is unlikely to achieve sustainable success.
You need to think long-term: where do you want your business to be when it eventually comes to selling it? What’s your target revenue? What are your target customer numbers? What is your target business size? Once you have these things worked out and accounted for you will be able to start putting a solid plan in place that will ultimately ensure that your business stays in the best shape it can be while continuing to grow.
An exit plan is really about building as strong a business as possible. Make sure the goals and dreams you have for retirement come true. Here are five ways you can make it happen.
As a business owner, you will have lots of decisions to make. Do you need to invest in new equipment and new employees? What type of business is it that you want to chase? But how can you make these decisions without knowing your long-term goals? Start at the end and work backwards to work out what you need to do to get to your final destination.
Hitting your targets: It’s important to ensure that you have a long-term goal in place
Streamlining your business can save both time and money, and reduce the risk for potential buyers. There are a number of things you can do to make your business more appealing and build confidence.
If exit planning all seems too difficult, contact Simon at Business Blueprint for help.
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