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Plan your business exit

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Business planning and management Brisbane

When you think about ‘business planning’ do you think about it only in terms of planning a business start-up or an add-on venture?

Have you ever seriously thought about how you will exit your business on your own terms?  You are not alone.  It is common to be optimistic and trust that at sometime in the future, a buyer will emerge and offer fair market price.  It is not the reality for many.

It may be that you want your business legacy to live on through family succession.  That too can be a path scattered with unexpected challenges.

Like every other aspect of your business, it takes some smart thinking and hard work to achieve the outcomes you want.  To the best of your ability, you want to leave your business on your own terms, even if that exit is sudden and unexpected.

For more information check out my Exit Plan page at http://garyweigh.com/exit-plan

Dinosaur businesses face extinction

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Business planning and management Brisbane

Just as sudden impact and environmental changes killed off the dinosaurs of the past, the GFC has exposed fundamental flaws in outdated business models, and the dinosaur businesses of today continue to reach extinction.   Financial institutions, book stores, property companies, electrical and clothing retailers and department stores (to name a few) are all feeling the squeeze of rapidly changing environment because they are stuck in the past and cater to demands of a bygone era.   They violate one of the fundamental principles of business.

“If you can’t lead the market, at least meet it. If you don’t adapt, you’ll die!”

This is first principles stuff taught in 1st year university business courses.   It’s right up there with revenue being higher than expenses.  It is true that only a few people get to change the world but the rest of us should at least make an effort to keep up.

Open mind and constant learning

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Business planning and management Brisbane

Most people in business weren’t experts, or even experienced, when they started.  They spend the early years learning the basic techniques of business.  They make the same mistakes as everyone else and become distracted putting out fires.  It is the school of hard knocks and there is no safety net. Many survive and some don’t.

Those who survive learn from the early years.  They refine their art over time.  They keep the routines that work and discard those that don’t.   Experience helps them navigate the minefield of adversity, errors and setbacks.  They develop a well practiced way of doing things that can be shared with others.  It may not always the best way but it is a way that works for them.

The best in business are the explorers and the curious; those who keep an open mind and are always willing to learn.