YOU CAN’T SET IT AND FORGET IT

Do me a favour…give it a think and then tell me, what do you do when you don’t have an exit strategy? You panic. It’s like a building with no fire exits. In other words, it’s a disaster waiting to happen.

I often tell my clients this, if you don’t have an exit strategy, what you’re effectively doing is leaving things up to chance. In an ideal [hypothetical] world, you could have someone come along and offer you millions of dollars for your business, but that is the kind of stuff that dreams are made of.

The chances of something like that happening are very low. Of course, someone may well come along promising the earth, but actually delivering on that is often a different story. Instead, you can focus on having a few plans that will help you achieve the bottom line, that is, your business being in a position where you can maximise your chances of success.

So, what’s the best way to do it? Have an exit strategy, of course!

Like everything else in business, it’s about being deliberate with the course of action that you pick for your future. You have to be intentional with your choices, that’s the only way to be aware of them.

It’s also a good reminder and a constant reality check because things won’t always pan out the way you want them to.

You need to be aware that regardless of the exit strategy you set, it isn’t the end-all. You will never blindly follow it. Over the years, I have learned that these strategies and plans will evolve over time. You will go back and review things because at the end of the day you want what’s best for your business in that particular period of time. What was previously a backup plan may well become the number one option. Either that or something will come out of left field and you need to be able to move quickly and with certainty. In my opinion, you can’t do that without being prepared and having a clear view of the world.

As a business owner, remember that there is never going to be just a singular preferred outcome. When planning an exit strategy, make sure that it’s flexible. As an owner, you will have a preferred option, but in practice, these options often don’t eventuate exactly as expected.

Focus on maximising your chances of success with your exit strategy, don’t set it and forget it.

Visit www.carwardin.co.nz for more info.