Skip to main content

Posts

Showing posts from April, 2014

10 Reasons To Have an Exit Strategy For Your Business

10 Reasons to Have an Exit Strategy for Your Business. 

Plan to profit when you exit your business.  It just did not seem right that a successful business would not be worth anything when it was time for the owners to exit. An enormously successful client planed to just dissolve their enormously successful business when the time came for them to stop working and enjoy the beach life. They reasoned that since they are the business that no one would buy it from them. 

A business broker explained to me the value of the business and why others would be eager to purchase it.  Yes, whilein a way they are the business, others would jump at the opportunity to purchase the business and would profit from this business too. The broker explained that the purchaser in these type of situations would typically want a one year consulting agreement with the current owners to receive the proper training. So yes others would pay to take over your business and keep it going.  So you can see you need to hav…

Things That Will Make You Money - Number 5 - Be a Friend

Successful people do things others will not do. One of the things others don't do is to be a genuine friend. I know this goes against what many so called "successful people" teach but it is the way to reach the goal of long-term sustained success. 

Think about this, most of us do business with people we like and trust and who create a positive feeling for us. We like people who are genuine and who help us. So getting to know people and what they want and then helping them get what they want will make you money. By doing this you will find that people will want to do business with you and/or send others to you. 

The second law in the book "The Go-Giver" is the Law of Compensation which states:


"Your income is determined by how many people you serve and how well you serve them."
As you can imagine, this takes time to develop but the time factor works for you in the other direction too. When you help others get what they want you develop fans that will stick w…

Things That Will Make You Money - Number 4 - Be Prepared

Successful people do things others will not do. One of the things others don't do is preparing to succeed.  You have probably heard the expression "failing to prepare is preparing to fail".  Yes, it takes work, planning and preparation followed by action to succeed. You may be brilliant and you may have a brilliant idea and capital but if you do not properly prepare you are bound to fail.  

When Starting a business to be prepared you need enough capital, resources, and experience.  It is OK to start a business in an industry in which you personally have no experience but it is best to hire someone that does and thoroughly discuss the plan with them.  They should help you modify the plan based on their knowledge of how things really work. 

An alternative to hiring someone with experience in that industry is to get the experience yourself. To do that requires time and effort on your part. This is where the line between success and failure is drawn.  It is like the two airlin…