As I wrote in my last post, it’s not enough to know the Five Steps to Freedom.. 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:
1. Complete Your Strategic Plan: This is one of the most effective planning tools in existence. It allows you to identify your company's vision, values, key performance indicators, as well as long-term, short-term and immediate goals—and much, much more. If you want to guide your business through the five steps to freedom, you need this resource. The next chapter will address this in more depth.
2. Understand the Current Value of Your Business: In order to get to where you're going, you've got to know where you are. You need a professional assessment of the current value of your business to understand exactly what it will take to reach your objectives. I will be happy to direct you to the evaluators I recommend for their speed, professionalism and accuracy.
3. Hire a Business Coach to Help You Increase the Value of Your Business: A reputable business coach will help you make the changes you need to eliminate waste, improve your cash flow and increase the overall value of your business to prepare it for a successful sale.
4. Assemble Your Power Team: If you don't already have an accountant, financial adviser and attorney on your team, it's time to begin shopping around for them. They will prove vital expertise as you prepare your exit strategy.
5. Begin Developing Prospective Buyers: Start on the inside. Current staff members and executives are often prime prospects for buying your business. If there is no one internally, consider the services of a business transfer professional to help you find a qualified buyer.
Remember: this is NOT a pipe dream. I've seen business owners completely eliminate financial worry by applying the five steps to freedom and leaving their business in the hands of competent leaders. You can do it, too. Sign up for a free, no obligation 60-minute consultation with me Forward One Business Coaching and I can help you with a comprehensive overview.
Next post: Have a Tactical Plan
(Excerpted from my eBook 6 Keys to Rapid Business Growth. Click the title for a free copy.)
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.