Does your business have an Exit strategy?
Our weekly Swindon business advice column with Gail Gibson
When you first setup in business, you have a vision or idea of how you want your business to operate, how you would like your business to grow, where you would like to take it e.g. local, nationally or global, and how you will exit from your business. Perhaps you have you focused on the first three and paid no attention or thought to the latter?
Why should you consider an exit strategy?
Most successful businesses have a business plan with objectives and goals to reach and achieve their ambitions. A plan is a guide to add structure to your business, giving you goals to work toward. Each goal, whether short, medium or long term should be reviewed at regular intervals, to ensure you are able to meet with or to renew a particular aspect of your business.
As your business grows, goals can and often do change. Core sections of your business may move into different market sectors, evolving as your business moves forward. Being open to opportunity and concentrating on providing a niche service/product, will both progress diversity in your business and add value to your customers.
So how does this lead to an exit? Every journey has an eventual end; in life and business. Think of an exit strategy as your final pinnacle or major goal to achieve. It’s a positive end result to your hard work, effort and is an important step closer to you reaching your dreams.
Throughout your goal planning stage make sure you have a beginning, middle and end. To help you focus on your exit strategy here are a few questions to ask yourself:
Written by Gail Gibson of True Expressions |
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True Expressions - website |
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True Expressions | |||||||||