The thought of stepping away from your business for an extended period can be daunting, but it is important to make sure that you are prepared. Your systems should cope well enough in case something happens unexpectedly – whether this means sudden accidents or illnesses/family emergencies etc.
If you want to have a life and a business, then it’s crucial your team can perform all of the essential daily functions of the business without being micromanaged or supervised. Allowing staff to understand why what they do matters, is important in establishing trust on both sides and giving everyone clear expectations of each others role in the business.
Develop A Robust Infrastructure.
Your employees are your backbone. They need to know the why and how of their job, as well as clear expectations around it in order for them be more efficient while also enjoying what they do on any given day! By creating a work environment where everyone has each other’s backs during emergencies (and even small issues), you’ll find yourself breathing easier knowing that if anything happens – business or personal- someone is there with an open mind ready take care of things.
Plan An Exit Strategy.
There are many different exit strategies that a business can use. Some of them involve redefining your direction, others will keep you financially sustainable and still more could be necessary if things don’t go as planned or expected so it’s best to have an idea about what might happen before getting into this type situation entirely blindsided!
The exit strategy is the most important part of any business sale or purchase. Whether you’re buying a company, selling your own firm for retirement purposes – an Exit Plan should be in place before anything else! A strong plan takes all stakeholders into account with details on how to get everything ready so when it’s time-you can sell quickly without worrying about what might go wrong along the way
Top Tips!
- You’ll never be able to replace every single person in your business. Step away for a week and see how much gets left undone when you return?
- Innovate – Get systems that are simple, streamlined so they can work with multiple key team members on any device or location easily accessible by everyone who needs them – make sure anyone has access at all times!
- Value Creation – don’t forget what value creation looks like while running and building your company. If a business can operate without its owner, then the value of the business may just increase and be more attractive to a potential buyer.
If you are thinking about building an exit strategy for your business, it’s probably a good idea to discuss with your accountant or one of our TSP team to ensure you are on track for a successful sale or closure and place you in the best position. Contact us on 49 26 4155 or admin@tspaccountants.com.au