Attention Small Business Owners – You can check out any time you want – but Can You Ever Leave?
by Dr Greg Chapman, MBAOwning a business is a 24/7 job. Even when you are away from the office or store, it is hard to switch off. Almost everything you see somehow reminds you of something you need to do in your business.
You might be reading a book, and the hero enters a store that is selling in a way that gives you an idea for your business. The author may not own a store, but is likely to be very creative and wants to make their hero’s time in the store memorable in some way. Of course you would like that for your customers.
It is like the science fiction writer who dreams up all sorts of new devices to create a wonderland for avid science fiction fans. The funny thing is many scientists and inventors like science fiction, and are often inspired by the creativity of the science fiction writer who may have little or no science training. The scientist who reads about the idea then becomes intrigued by it, then obsessed, until they actually work out how to make it happen. There are numerous documentaries on inventions inspired by programs such as Star Trek.
When you leave your business at night, you too see ideas around you – what others are doing in the commercial world in other sectors, or even ideas dreamed up by TV writers. It is hard to switch off. The only time a business owner can switch off is when they sell their business when it becomes someone else’s problem.
However for most business owners they can check out – but they can never leave.
They are their business, and when they are not there- nothing happens. No-one wants to buy a business like this. Certainly, their family wants nothing to do with it, and the staff are just hanging around for a payout.
In order to be able to leave your business, you must have an Exit Strategy. The best time to create an exit strategy is when you start-up, but it is never too late.
Three things can turn your business into a Saleable Asset:
1. A Marketing System that generates predictable sales
2. A Business System that allows others to run your business without you
3. A Reporting System that enables you to manage your business when you are not there.
With these three systems you will be to check out from your business when ever want, and ultimately be able to leave it to some one else.
All you need to do now is to Empower yourself and take action ...
You might be reading a book, and the hero enters a store that is selling in a way that gives you an idea for your business. The author may not own a store, but is likely to be very creative and wants to make their hero’s time in the store memorable in some way. Of course you would like that for your customers.
It is like the science fiction writer who dreams up all sorts of new devices to create a wonderland for avid science fiction fans. The funny thing is many scientists and inventors like science fiction, and are often inspired by the creativity of the science fiction writer who may have little or no science training. The scientist who reads about the idea then becomes intrigued by it, then obsessed, until they actually work out how to make it happen. There are numerous documentaries on inventions inspired by programs such as Star Trek.
When you leave your business at night, you too see ideas around you – what others are doing in the commercial world in other sectors, or even ideas dreamed up by TV writers. It is hard to switch off. The only time a business owner can switch off is when they sell their business when it becomes someone else’s problem.
However for most business owners they can check out – but they can never leave.
They are their business, and when they are not there- nothing happens. No-one wants to buy a business like this. Certainly, their family wants nothing to do with it, and the staff are just hanging around for a payout.
In order to be able to leave your business, you must have an Exit Strategy. The best time to create an exit strategy is when you start-up, but it is never too late.
Three things can turn your business into a Saleable Asset:
1. A Marketing System that generates predictable sales
2. A Business System that allows others to run your business without you
3. A Reporting System that enables you to manage your business when you are not there.
With these three systems you will be to check out from your business when ever want, and ultimately be able to leave it to some one else.
All you need to do now is to Empower yourself and take action ...
May Your Business Be - As You Plan It.
Over to You. What do You Think? Post Your Comments Below.
Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success.
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The Australian Small Business Blog
Labels: Exit Strategy, small business strategy planning, small business systems, small business vision
posted by Dr Greg Chapman @ 9:11 PM
3 comments
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3 Comments:
Hi Dr Greg Chapman,
I just discovered your blog, which is a gold mine for all small business owners.. I just want to share an experience with you.
Me and my family have been running a small business for 4 years, but at the beginning we encountered a lot of difficulties, due to the lack of professional advices (your blog would be a really good thing to have when we encountered these problems). That's why we decided to joined FBA.
This not-for-profit, member-based organization was very helpful for us. It gives the members access to events, mentor possibilities and advisers on strategy. Also, by sharing an experience through other FBA members, we avoid many mistakes in leading our family business. That's why I strongly encourage any family involved in a small business to join FBA (see their website http://www.fambiz.org.au/).
It really helped our business to grow up, and now we can enjoy the advantages of the perennity of our business.
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I definitely agree with you on the three systems you outlined. It also helps if you have people working with you whom you can trust to follow the systems even without micro-managing them.
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