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

Social Media Tricks

Everyone wants to know the secret to social media success. There is no secret to social media success other than showing up. Yes, the secret to social media, and life, is showing up. Who knew Keanu Reeves was so wise? Lol!

This said, it is important to note key opportunities on social media platforms to help your brand gain respect. You can have tons of followers on Twitter and not be respected. In fact, you can have lots and lots of people following you on Twitter hell bent on harassment. So, if you want to use social media in a way that engages your customers and potential customers, try using these tips:

1. Respond to everything. This means don't only respond to direct messages about your company, respond to messages about your industry. Follow the hashtags that are related to your industry. If you are a chef, you want to follow hashtags that read 'cooking', or 'needchef'... if you're a mechanic, you want to respond to hashtags that read 'deadbattery' or 'carissues'. Your goal is seek out your audience and engage them.

2. Don't sell anything. Everyone on Twitter or Facebook watches their numbers like crazy. And then they get upset when the phone doesn't ring. Social media isn't an immediate ROI. If you think it is, you're wrong. Social media solidifies your reputation and brand. People will hire you because of a referral or a great rating. People will think of you because of social media. It is important to showcase your brand as much as possible without selling anything on social media. People don't respond to blatant pitches for business on Twitter. However, they will use Twitter to form an opinion about your business.

These two tips will get you headed in the right direction when it comes to using social media.

Remember, social media is like Keanu's baseball game.... you have to show up!

Twyla