Plan Ahead – You MUST Know Your Exit Date / by Kerri
You must know your exit date
(or at least the criteria for it)
and set it at least 2-3 years out.
In order to have time to systematize, streamline and leverage your business to get the maximum valuation.
To get the results you want:
- Your exit strategy must be part of your initial business plan
- Your exit strategy must be part of your annual plans every year
- Your exit strategy must be built into your 3 year goals from the outset
Identify Goals To Increase Value
What can you do to maximize the value in your business? To achieve your goal, you must:
- Sell more
- Increase prices
- Reach new markets
- Reduce costs
- Document your expertise
- Research and prove your market position
- Revisit your business plan, vision and mission statements
- Clean up your financials
Is The Value Right Now In You Or Your Business?
This is the uncomfortable wakeup call for most entrepreneurs. Are the expertise and the business strategy all in your head, and in your proprietary files? You have nothing to sell and you have no exit options if this is still true.
Instead, you can and should start to train others on different pieces, outsource different pieces, or start delegating more and more. The side benefit of delegating, outsourcing and automating is that you free up time to work on your most valuable activities including your exit strategy to achieve your goal.