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Business Exit Ready

Key 1 of 9 ยท Foundations

Strategy

Know where you're going and how you'll win. Set off with no destination and you end up anywhere.

Nine Keys wheel: 1 Strategy, 2 Administration, 3 Money, 4 Marketing, 5 Sales, 6 Service, 7 Systems, 8 Team, 9 LeadershipStrategyAdministrationMoneyMarketingSalesServiceSystemsTeamLeadership

What this Key covers

  • Where the business is heading, and by when
  • Who your best customers are, and why they pick you
  • What you want to happen when you step back
  • A short written plan your team knows

Who it matters most for

Every owner. Most of all, an owner who wants to step back or sell in the next 2 to 5 years, and still keeps the plan in their head.

What a buyer may ask

"Is there a written plan, and does the team know it?"

A buyer wants to see where the business is going, on paper. A plan that lives in your head leaves with you.

Three questions to ask yourself

  1. 1Where do I want the business to be in 3 years?
  2. 2When do I want to step back, and what happens then?
  3. 3Does my team know the plan?

Why it matters to you

You stop reacting to the week and start steering. Your team pulls in the same direction, and you decide how and when you step back.

A practical first step

Write one page. Where the business will be in three years, who it serves, and what you want to happen when you step back. Share it with one key person.