Exit Strategy

I recently taught a couple of business and marketing strategy classes at FIT and SUNY, which were a lot of fun. One of the things that we talked about was the Exit Strategy for your business. How do you know when you’ve achieved success, and what do you do when you get there? These are questions we often forget, and sometimes we think there is a right answer.

The reality is that every person and business can want different things. Some want to sell their businesses and make a bazillion dollars; others want to provide for their families; and some just want to do what they love. Once you remind yourself of your goals, it will help you shape many of your business decisions. Realize too, that your objectives may have shifted over time, resulting in the need for some changes to your business strategies.
In fact, with the economy threatening to turn around sometime soon, maybe it’s a good time to think again about your business holistically to confirm if you are in a good place. Here are some typical elements to define and integrate:

• Elevator Pitch
• Branding
• Business Strategy
• Target Audience/Competitors/Market
• Infrastructure
• Financials

If you haven’t done this type of business review recently, you may want to remind yourself that the world is a changing place. Survivors must adapt if they expect to be successful. If it’s been too long since you’ve done your strategic business planning, or if you need some support on this, please reach out to us. We’re happy to help you achieve your exit strategy – whatever it may be.

All my best, Aruna

“Sound strategy starts with having the right goal.”

~Michael Porter~

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