So, what's your exit plan?
"How dare you!"
"That's like asking a lady her age..."
People have a habit of clamming up, running away and avoiding this question. Sweaty palms, embarrassed, too shy to say it out loud. 🥺
Why? Because they didn't start with the end in mind.
Instead, they run their businesses day to day, month to month, without little or no focus on an eventual EndGame. No focus on an EndGame leads to a meandering journey rather than a sharply focused, well-planned, expertly executed journey.
Here's the secret. DON'T CALL IT AN EXIT PLAN. Pretty simple, right?!
Exit planning is, in fact, just running a good business. So, s
top meandering, and start targeting.
Here are just a few key things to concentrate on that will improve your business and, naturally, help plan a sometime exit:
✅Can you accurately forecast revenue, including new business?
✅Have you converted as much revenue as possible to be recurring?
✅Are all key processes simplified, optimised and controlled?
✅Do you have more than 15% of your revenue with only one client?
✅Are you contracting clients on a single set of T&Cs?
✅Have you built a management team that works without you?
✅Do you measure client and staff satisfaction?
✅Do you have quality monthly Management Accounts reviewed at your Board meeting?
These are just some of the things to consider...
So whether or not you are ready to say the word 'exit' out loud, implementing some silent 'exit planning' will improve your business now and for as long as you own it.