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

Homeland Security and Day-to-Day Cyber Security

Today, Dairy Queen announced it is coming off a three month security breach that impacted the financial data of its consumers. Yikes, it seems paying cash is the best option today when you look at many retailers' track record. But what about your track record? While we are busy shaming retail outlets for breaching our data, is it possible we are just as guilty? Many people are and don't even know it!
All this said, I figured I would note a few ways to keep your own email account "hacker-free".

1. Don't use anything personal or that can be guessed about you as your password. This includes your pet's name! Use a weird combination of numbers and letters. Keep the password written down and somewhere in your home, not in a breachable app.

2. Never use a "Remember me" option on any of your devices when it comes to your passwords, especially email. Remember, hackers don't have to hack your email to get into your computer. They can hack your computer, send a "reset my password" request to your online banking and then, once into your email because you have a "remember me" option set up, get into your bank account (or other accounts).

These two steps may seem relatively elementary, but you will be surprised how many people still use "password" as their password and a "remember me" option on their mobile and home devices.

Until Monday,

Twyla N. 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

What your employees aren't sharing!

The workplace can be like a second home. And, this can lead to a level of comfort with certain employees, especially if they've been with your company for a long time. But, there are three key items your employees should NEVER share with you (or your HR department) to protect themselves. So, what are these three things that your employees should keep "mum"?

First, medical problems. Don't get me wrong- this doesn't mean employees shouldn't ask for ADA accommodation for a medical condition. That is illegal and not morally in-tune. But, if employees have issues with headaches, PMS, bladder issues, or any other "medical" issue that can be easily treated and it doesn't interfere with their jobs- consider it TMI. If these employees share the information with you then know that it can hold you liable at a later date. If an employee tells you she has constant migraines and later doesn't get a promotion- you're liable. It could be considered discrimination even if the oversight was not based on migraines and the possibility of absenteeism. I always encourage employees and employers to share medical information on a need-to-know basis.

Facebook! Don't share it. Don't be tempted to invite co-workers or one's boss to be a part of your social life. Employees who send their boss a Friend Request should be addressed. Explain why it is inappropriate for you to be friends in a social media forum outside the workplace. For bosses, accepting a Friend Request can mean giving away your position of authority. For employees, certain political, religious or lifestyle differences can cause tension at work. And, certain photos can legally get them fired. So, employees should never share their Facebook accounts with the boss or any coworkers.

Lastly, boasting about time off. Employees who overly embrace their time off send a hidden message that is only picked-up by a boss. The message? Something to the tone of "I hate every second I work for you and while I was off I was seeking another job!" If you have an employee who is sharing too much about his or her time off and how they hated to come back to work, chances are you have an employee who isn't happy or loyal.

Have you ever shared something at work that caused tension within the office? Let's discuss this on Twitter!

Twyla