Is 2010 your year to begin the exit planning process?  

Setting a goal is the first very important step to begin an exit plan for your business.  The common denominator in all the self-help literature and books is the importance of goal setting. We’re told to set long-term goals, short-term goals, lifetime goals and personal goals. Often it isn’t easy….so we just don’t do it. 

There are many reasons why we don’t achieve our goals. Sometimes the goals we set are unrealistic. New Year’s resolutions are typical examples. Suddenly, we expect to change the way we eat, or the way we exercise just because the calendar changes. It’s like expecting a child that’s never ridden a bike to suddenly jump on and go, or to run a marathon without months of training. These goals are based on illusion with little regard to natural growth. You must be able to crawl before you walk. 

In some cases, like exit or succession planning, we don’t know where to begin. Stephen R. Covey says it best in his book “7 Habits of Highly Effective People”. “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.” 

Setting S.M.A.R.T. goals is vital to being successful in the goal setting process. The benefits of Specific, Measurable, Achievable, Results orientated, Time-framed (S.M.A.R.T) goals have been written about in self-help books for years. So, it follows that goal setting is obviously a powerful process.

 Ralph Berge, a Cleveland business coach says It is about ‘eating the elephant, one bite at a time’ and of turning vision to exit your business and create a workable succession plan into achievable, actionable things. It’s the common denominator of successful individuals and businesses.

Think of goals for you and your business…having a tough time? Here’s a great personal and business goal: define your value in your business in relation to the time you put in. Twenty-five dollars, $50, $300 an hour? How much do you charge for your time in your business? What should you charge? These questions will help you better understand the types of tasks you should be doing to leverage your own time and value in your company.

Once you know your value, you will know how you can outsource or delegate certain tasks. As a Cleveland business coach, I can tell you that leveraging your business beings with knowing your true value.