The Exit Strategy

Not having an exit strategy is always a mistake. I think people fail to think about and plan for an exit strategy because they have the mindset that failure isn’t an option. Um, no. Failure is always an option and avoiding it as a thought process may be setting yourself up failure! The good news is people, like myself, can learn from their failures.

Even with the best training and the most experience, you should always plan an exit strategy in business. In fact, you should always plan an exit strategy when entering into any contract or committed situation. Knowing the worst case scenario up front can help you navigate your future endeavors. So, yes- I recommend making an exit strategy for your business. But how?

1. Write your business plan and write your exit strategy back-to-back.

2. Succession Planning vs. Selling to an Outside Party- which one is right for you? Should things go wrong, how will you sell your company? Will you sell your company? What if things go right? Will you sell your company? If so, to who?

3. Don’t assume your family wants to takeover the business in the middle of your crisis. Talk with your family about handling your business should a medical or other life emergency arise. Would they be able to (and would they want to) take over your company?

4. Consult with advisers now about your exit strategy (either selling because it’s failing or selling because it’s succeeding). If you don’t hire the right financial, legal, tax and business advisers to help shepherd any sale or consult on an exit strategy from the get-go, you’re doing yourself a great disservice.

Exit strategies are needed. It’s difficult to address when launching a business, but I promise you its even harder to address when going through a time of great wealth or difficulty.

Until Monday,

Twyla Garrett

3 Ways to Push Your Website

Do you know how to keep your website competitive and fresh with customers? Well, if you are not doing all of the three tips below – then your website is lacking within the business world.

1. If you have a video graphic load in before someone can get into your website, you are failing. Your website has to be clean and easy to navigate. Opt-in load ins or video previews (without a pause or bypass option) are really bad news for content engagement.

2. Pop-up offers hurt you. I am really hopeful you have already come to the conclusion that pop up ads are just about completely considered as SPAM in today’s social media culture. You need to offer visitors to your website something of value, not a bunch of ads to click through. If you customer sees you have a lot of pop up ads on your website, you will have a lot of traffic that lands on your page and then clicks off of it within the first twenty seconds. Keep a static website without popups and you will be fine.

3. Navigation is everything. Don’t hide service or product tabs. Don’t make people search for them, either. If you have to send your visitors through one or more pages to get to a service or product page, you will be losing business.

I hope this information helps you take an impartial evaluation of your own website. It is easier to fix website deficiencies versus not addressing them and losing traffic and business!

Until tomorrow,

Twyla N. Garrett

Office Rumors.

Rumors are the worst. Most of the time, they are not true. However, sometimes they are. Either way, rumors and office gossip can easily tear a company down. Many great employees either leave because of gossip pertaining to them or because they culture sickens them.

I wanted to address how you deal with office gossip and rumors directly on my blog tonight. First, identify the root of the gossip. Now, you have two choices. First, don’t share anything with this person and change the subject every time he or she is around or second, fire him or her. This may seem drastic but it also depends on the extent of the gossip.

If the person is gossiping about someone’s hair or personal affairs, it is catty but ignoring it usually squashes it. If the person, however, is sharing company secrets or talking bad about the company or key employees in a way that can be harmful, liable or leak trade secrets- there is no rectifying the behavior. A firing is needed. Period.

I tell all of my employees that gossiping is not acceptable. Regardless of who starts it, if it gets back to me- the entire staff is fired. This isn’t a joke. I will do this. Most people are less likely to carry stories or even go near known gossips if they know the entire group’s livelihood is dependent upon this single rule.

So, if need be, implement my no gossip policy tomorrow. It is the best way to save your company from legal issues and prevent employee turnover.

Until tomorrow,

Twyla Garrett

Defense Spending Cuts Impacting Business!

I read an interesting article this morning by Shobhana Chandra & Michelle Jamrisko. The article suggests that "The economy in the U.S. unexpectedly came to a standstill in the fourth quarter as the biggest plunge in defense spending in 40 years swamped gains for consumers and businesses." As a small business owner, who works in the homeland security industry, the opinions of Chandra and Jamrisko were really interesting.

I'm note sure if, like the article and research suggests, one item directly impacts the other. The average business owner normally doesn't start or stop spending money because of defense spending. My personal business could be harmed- but not the average business owner. I'm surprised to read that businesses are starting to move slightly. With the 'Obamacare' insurance costs adding stress to business owners, a sign (even if a little one) in the positive direction - is a great sign!

Look, the truth be told is that you and I can go over the chicken and the egg of what budget cuts and budget spending led to what business cuts and business spending. There is no real proof! Each business owner has his or her own set of concerns and limits. There is no black and white reasoning that stretches across the board! I want to open this up to a discussion so I can better form an opinion as to if you, the reader, cares how the government spends money and if it directly impacts you as a business owner.

Send me a DM on Twitter or write a note here!

Twyla http://www.bloomberg.com/news/2013-01-30/economy-in-u-s-unexpectedly-shrinks-as-defense-spending-plunges.html