I attended the fantastic virtual Summit "Small Business Grit". One of the speakers was Cheryl Contee of Do Big Things. She made an excellent point I had not thought about. You need an exit strategy for your small business before you open.
Here are three reasons why planning your Exit Strategy is Important:
1. Long term planning gives you another goal
2. Helping you think through your business
3. Helping you make decisions for your company
When you begin to think about your future business you start to dream of what you want it to do. You think about the end result you want to achieve. You know you have achieved your goals when XYZ have fallen into place.
What happens when you reach the goal? Do you want to stay in business? Sell? Expand? Retire?
Your long-term goal will help guide you make decisions for your business throughout the company's lifespan. If your long-term goal is to hire employees and remove your income ceiling, then what steps need to happen? Simple questions like this will be easier to answer when know how you want to exit.
I believe your Exit Strategy should be in your business plan. If you want to find out more on how I can help you with your business plan; or help you plan your exit strategy now while your doors are open, make an appointment with me. There are multiple ways to connect with me. At the top of my blog page is a "BOOK NOW" button which connects to my calendar. You can also click on the "Make an Appointment " button at the top of the website. You can also find AMG Innovative Consultants, Inc on Facebook and YouTube and Instagram @amg.consultants. There is also a contact section at the bottom of the Home page.