<p>I’ve said it before, I’ll say it again and I’ll keep saying it. Every business needs an exit plan. Even if that plan is to run it until you die. And there’s nothing wrong with that either.<br /><br />The reason you need to have an exit plan is so that you can properly operate your business accordingly to make that strategy happen. My philosophy is to have the plan of “run it like your gonna sell it”.</p>
<p>What that means is that when you set an ultimate goal such as “I want to sell my business in 10 to 15 years for a price tag of $1 million”, then you can find out how far you are from the business goal now, and start setting up smaller goal chunks to get your business there.<br /><br />This puts you in a position to sell should you change your mind on selling at all, if something tragic happens (this is a sad but common occurrence) or an offer you can’t refuse comes along.</p>
<p>Oh, by the way, the “offer I can’t refuse” answer to when will you sell your business is very, very common so let me give you some insight on it. If that’s what you’re looking for, then it will not come along if you don’t operate in a manner conducive to selling it. Believe me when I say your business is most likely worth a lot less than you think it’s worth so an “offer you can’t refuse” will be more like an “insult you wish you didn’t hear”. That’s if the offer comes along at all.<br /><br />One of the key factors in building business value and maximizing profitability right now is utilizing systems. Putting as many systems in place as possible is the way to go. It will keep your employees and contractors on the right track to not have to micro-manage them. Try getting assistants or virtual assistants to do things you really don’t need to be doing. Automate as much as possible especially marketing systems.<br /><br />My real point is that if you set up your business as if your exit plan is to sell it, then you will have a true business and not a job. You will make more money for yourself now and in the future and do it with much less effort. You really can’t lose.<br /><br />Don't skimp on systems, procedures and taking yourself out of the day-to-day as much as possible. A true small to medium sized business owner has their hands on the pulse of the company, especially on understanding their financials, creating and using key metrics, income stream strategies and marketing strategies. These are the things that will maximize your profitability right now and build business value along the way.<br /><br />Be a true business owner and give yourself the opportunity to someday sell the company you worked so hard to build. That means find out what your business is worth right now, make a long term goal to have it worth something better, and then work backwards with smaller goals that will get you to reach the ultimate goal.</p>
2009-09-14T20:11:59Z
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how-a-business-exit-plan-will-make-you-more-money-right-now
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2009-09-16T10:11:44Z
2009-09-16T15:12:44Z
The reason you need to have an exit plan is so that you can properly operate your business accordingly to make that strategy happen. My philosophy is to have the plan of “run it like your gonna sell it”.
How a Business Exit Plan Will Make You More Money Right Now
1
2009-09-16T15:12:44Z