During these unusual times we have all realised that we cannot plan for every eventuality, but we can help by being prepared. How we react to sudden events is our choice and our decision.
Situations can come out of the blue just like Covid-19 did, but unexpected events can take many forms – a technology shift in your market, an unsolicited offer to buy the company or something more personal like divorce, illness or injury which can affect either yourself or someone close to you.
The better prepared you are to deal with the unforeseen, the sooner you can react and the less impact it will have on your business. This is where having an Exit Strategy and Contingency Plan come in. Planning ahead, doesn’t mean you are expecting something to happen or that you are selling your business right now, but it means you are prepared and able to react accordingly. It will bring peace of mind and often many other benefits which you otherwise wouldn’t have realised.
Many business owners are often fully consumed with the day to day running of their business, so allocating time to focus on preparing these plans can be difficult. Making time will ensure you are fully prepared when you need to be and that you don’t lose sight of your direction and goals. Getting bogged down in the daily operations of running the business won’t help you should the unforeseen happen.
How to prepare an Exit Strategy or Contingency Plan
If you’re unsure how to approach the planning process, a Business Advisor can help you action this, offering advice and support along the way. A monthly meeting with follow-up actions will soon have your plan and strategy coming together and will bring clarity and confidence in the knowledge that your business will continue to operate during challenging times.
Creating such plans can and, often does, identify other areas that need attention, helping build a more thorough structure from which to work. It can identify the need for more growth and funding, through to marketing campaigns and staffing levels. The benefits will far outweigh the small investment and effort of setting aside a few hours in a month. As an example, recently a CMC Business Advisor helped increase a company’s growth by over half a million pounds in just six months. A great return on investment for the client for such a small monthly fee.
What if you decide to sell your business?
Most owners have never sold a business and it can be a complex process if you have never gone through the experience. CMC Business Advisors have over 30 years’ experience and can guide you to navigate the many pitfalls that you may come across in preparing your business for sale.
Remember, most businesses don’t sell so having the right insight, information and know-how will increase the odds as well as the business value.
It is always a good idea to know the true worth of your company. Learning on the job is not the recommended way to prepare your business for sale, but having an exit strategy in place can make you ready and prepared for the event. Give yourself time to do this and review your plan on a regular basis.
To discover how we can support you, get in touch today and arrange an informal chat.