Know Your Exit Strategy
Renowned organizational consultant Stephen Covey says that all success starts in one place: Your mind. He calls it "beginning with the end in mind," having a clear vision of what you want before you begin, just like having a blueprint before you start building.
When I work with business owners who are struggling I find that 90 percent of them have neglected to do this very important visioning work. That's why it’s critical to know your exit strategy.
You have know where you're going if you ever hope to get there.
There’s a powerful framework for understanding the phases of business growth I call the Five Steps to Freedom. It provides a blueprint for building a true business asset—a company that progresses and produces profits even without your day-to-day involvement.
I detail the five steps in my free eBook 6 Keys to Rapid Business Growth. I will just mention them here:
Step 1. CREATION. This is when you're starting out as an unknown in the marketplace.
Step 2. DISORDER. This is when you begin the uphill battle of becoming cash flow positive.
Step 3. CONTROL. This is when you convert cash flow into profit by stabilizing and organizing your operations.
Step 4. PROSPERITY. This is when you solidify a position of dominance in your niche market by economizing and optimizing for efficiency.
Step 5. FREEDOM. This is when you reproduce yourself and develop a strong core of leaders who will continue to grow the business.
Of course, as valuable as the five steps are, it's not enough just to know them. You have to understand how to apply them to your business. There are five additional steps you need to take in order to make this happen:
Next post: Second Flight of Stairs
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy and learn how to receive a 60-minute consultation at no charge.)
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Dwight Grant is a seasoned businessman with over 30 years of leadership experience. He lives in CO where he enjoys whitewater rafting, mountain biking and spending time with family.