The Australian Small Business Blog

Monday, February 17, 2020

Attention Small Business Owners – You can check out any time you want – but Can You Ever Leave?


by Dr Greg Chapman


Owning a business is a 24/7 job. Even when you are away from the office or store, it is hard to switch off. Almost everything you see somehow reminds you of something you need to do in your business. Ideas can come from anywhere.

You might be reading a book, and a character enters a store that is selling in a way that gives you an idea for your business. The author may not own a store, but is likely to be very creative and you see a way that you could do something similar for your customers.



Many scientists and inventors like science fiction, and are often inspired by the creativity of the science fiction writer who may have little or no science training. The scientist who reads about the idea then becomes intrigued by it, then obsessed, until they actually work out how to make it happen. There are numerous documentaries on inventions inspired by programs such as Star Trek. 
 
When you leave your business at night, you see what others are doing in the commercial world in other sectors, or even ideas dreamed up by TV writers. It is hard to switch off. The only time a business owner can switch off is when they sell their business when it becomes someone else’s problem.

Most business owners find that thought they can check out at the end of the day –they can never leave. They are their business, and when they are not there- nothing happens. No-one wants to buy a business like this. Certainly, their family wants nothing to do with it, and the staff are just hanging around for a payout.

In order to be able to leave your business, you must have an Exit Strategy. The best time to create an exit strategy is when you start-up, but it is never too late.

Three things can turn your business into a Saleable Asset:

1. A Marketing System that generates predictable sales
2. A Business System that allows others to run your business without you 
3. A Reporting System that enables you to manage your business when you are not there.

With these three systems you will be to check out from your business when ever want, and ultimately be able to leave it to someone else.

https://empowerbusinesscoaching.com.au/empower-consultation-programs-form


May Your Business Be –As You Plan it!


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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.

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Dr. Greg Chapman is also the author of
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