Exit Plan Vs. Business Plan
Most individuals spend weeks working on a business plan for their new business. Often once they open for business, they realize they have not put enough focus on Revenue Generating Strategies which can make or break their new business.
For years, I utilized customized Business Plan software that provided me with charts, graphs, projections and a business plan usually around 100 pages. A wealth coach suggested that each year I should focus most of my time formulating six revenue generating strategies with dated action items that were assigned to either me or someone on my team. He also stressed the importance of have a clear exit plan.
You will make mistakes today, if you don’t have a clear exit plan. In the staffing and recruiting profession you have three primary choices for your exit plan:
- Sell your business to the highest bidder
- Sell your business to your employees or form an ESOP
- Make as much money as you can, invest profits in passive sources of income and then eventually just close the door or sell your database – which is the exit plan of most firms who do not have a reoccurring revenue model (temp/contract)
As long as you own your business, you want to have your exit plan in mind so you can attain or surpass goals set and live the life you deserve.
You can access more information by signing up for our Whitepapers and Webinar on starting up a staffing or recruiting business in the upper right hand corner of this page!