Why did you set up your own business? Did you want more control of your business and your life? Did you think you would have more time – not less – to relax and enjoy the rewards of your hard work?
If you’ve found that you’re working harder and longer with little time to yourself, then you’re not alone.
If any of these sound familiar, you may be in need of some tips to help gain control of your business:
- You’re the only “expert” in your business, so that customers will only talk to you about their needs.
- You need to make every decision for your business, with no opportunity to delegate.
- You can’t take time off for even a short holiday because if you do, your business will suffer.
- Your business growth has stalled because you can’t give it more time than you already are.
Business Exit Planning – The Key to Financial Freedom
One of the most powerful ways to take control of your business is with a sound business exit strategy – this sets the course of your business journey and helps you plot specific goals on a timeline.
Your exit strategy should be in place right from the start of operations as part of your overall business plan. Set it up now so that you know exactly where you’re going day-to-day, step-by-step.
Your ultimate goal will be your exit or retirement from the business, but such a plan can also benefit you even if retirement is years away.
A business exit strategy:
- Gives you ultimate control
Instead of spending all of your time focused on immediate concerns and resolving unforeseen problems, a business exit strategy shows you what’s coming up next and into the future. You can resolve any potential problems before they become reality, for more efficient operations. You’ll also have your ultimate departure well figured out so that the transition will go smoothly.
- Gives you personal and financial freedom
Ironically, one of the best ways to gain control of your business is to relinquish some responsibility over day-to-day operations. Instead, delegate to your employees whenever possible.
In addition, you should have plans in place that will allow you to turn over control to designated employees for short periods of time. Take that long awaited holiday, and relax knowing that your business is in good hands should you become ill or otherwise unable to be part of daily operations for a period of time.
An exit strategy also lets you plan for and establish your financial goals so that you can meet them both now and after you leave. You deserve to enjoy the fruits of your years of hard work.
Sellability and The Value of Your Business
Another key factor to gaining control of your business is knowing its value, and building its sellability where necessary. A sellable business is one that is under control, with clear goals and a succession strategy in place.
Your business could look unattractive to any potential buyers if it can’t run without you, and it must be able to show strong sales or revenues for at least three years before you decide to sell. Make sure these elements are in place before the sale for a smooth transition and a better selling price.
Implementing the tips above should help you feel more in control of your business, no matter how busy you are, with the added bonus of improving your sellability.