success – [suhk-ses] (noun) the favourable termination of attempts or endeavours; the accomplishment of one’s goals; achievement of a desired outcome.
We all want to be successful in life and in business, but have you defined what success looks like? Specifically what is the outcome you desire from starting, running and building your business?
By definition, success will allude us if we don’t know when to terminate our endeavours. Isn’t that interesting – success means stopping, as in cease and cessation.
Which means that ultimately you can’t be successful in business unless you have a clear outcome in mind so that you know when you have achieved it and you can stop.
Success in business, then, isn’t about doing this marketing thing, that leadership thing or some financial thing. Success in business requires those things, but can only truly happen when you address the exit thing.
Good SME Strategy is an Exit Strategy
To be successful in business then, don’t put off your exit strategy. If you want to be successful, it should be the first thing you address because all other decisions can then be taken in light of that decision.
Instinctively, we know this. So much so that 92.6% of 176 business owners surveyed (EPI, 2016) said that having an exit strategy was important for their future and for the future of their business. And yet only 12% of business owners actually have an exit strategy.
If you’re one of the 88% that doesn’t, the best time to develop your strategy is now.
The evidence suggests that a number of things get in the way of this though:
- Thinking an exit strategy is something that should come later
- Not knowing what constitutes an exit strategy
- Not knowing how to build one
- Not knowing how to execute it alongside a business growth strategy, marketing strategy, hiring strategy, risk management strategy, tax strategy.
But here’s the thing, an exit strategy is not something you run alongside those things. It is the master strategy that all other activities are aligned with.
Which leaves the question of what constitutes an exit strategy and how do you build one.
That’s why we’ve created a workshop to give you the opportunity to develop your exit strategy even if you don’t have a business yet.
The Business Success Workshop
This workshop is for serious, success-oriented entrepreneurs. In just two days business owners develop their success strategy ready to implement and build a more valuable, more profitable business that’s easier to run and geared to your definition of success.
During the workshop they develop their own success strategy to:
- define what success means to them
- de-risk their business and double their odds of success
- close the gap between their current business’ and their definition of success
- Accelerate value creation in their business for a more lucrative exit
- Prioritise their transition options so that they are in control when they achieve their hard-earned success
Success in business often has a monetary value associated with it, so they also learn:
- the only business valuation technique that matters
- how to increase the value of their business at least 10x over 5 years and make more money at the same time
- how improving four key areas could triple the value of their business
- what all their transition options are, putting them in the driving seat: selling outright may not be the only option or even the best option.
- how to create a marketing plan to earn more today **and** add value to their business
Far from being just for business owners at the end of their careers wanting to manage their exit, it is aimed at people:
- just starting their business – start with the end in mind as Steven Covey advised
- looking for fresh motivation to drive the growth of your business to achieve your dreams
- 5-10 years away from an exit with the time and energy to add value for a successful exit
- that want to make sure your legacy is protected after you sell.
To learn how to create a more successful business and address the “last great test of entrepreneurship”, get in touch and we’ll let you know when the next places are available on the Business Success Workshop.