Determine your exit plan.
Now, is a point in time of a longer journey. When is the last time you determined why you are doing what you’re doing and what you need to get there? Too many times when I ask business owners, “What’s your end game with your business?” I hear “I’m not sure, just try to make as much money as possible and hopefully sell at some point”. Hope is not a business strategy. The more specific you can be about where you’re going and when you want to be there the more you will be able to leverage your time, money, and people. People and resources respond much better to specifics than vague expectations. “We need to be a $500,000 company by December 31, 2020. To do this I need you to make ten calls per day.” is much more effective than we need to grow as much as possible this year, so I need you make alot of sales.
Determine what it will take for you to pay off your personal debt, business debt, and what your desired monthly lifestyle is per month.
This is your exit number. Then determine how many sales it would take at your typical profit to achieve that number. Finally determine at your current sales pace how long it would take to accumulate that number of sales. Watch how your resources are more effectively managed and how purposeful your people are when they are given a specific end game number and timeline.
To your success!
Chad Harward – CEO
P.S. If you feel you need an outside perspective on how to craft your exit plan give us a call at 801-349-1129 and we can sit down with you. Often this can be a forest through the trees where it’s tough to see beyond day to day operations and emotionally tough to consider ever letting go.