It’s Spring – Time for businesses to come out of hibernation!
Australian businesses have been somewhat in hibernation mode since the Global Financial Crisis began in 2008. The previous hung parliament and leadership issues have further reinforced the inertia that has prevailed. Now that the election is over and there has been a clear majority, it is time for action by Australian businesses.
Naturally many business owners have been looking internally over the past few years. Is it now time to expand or exit?
Now, Where, How
First identify where you are NOW. Where are you in the business’ lifecycle and your personal lifecycle? Is there pressure to exit soon? Or is it the best time to expand your market share? Understanding where you are will help you evaluate which strategies are best. For example, some require a significant period of time to prepare.
Stop and identify WHERE you want to be. Some business owners prioritise the monetary value, while others place more importance on leaving a legacy. The way YOU see a successful exit will determine which strategy you pursue and the timeframe for that exit.
Once you have determined your NOW and your WHERE, it is time to work on HOW you get from your current situation to the destination you identified. Make sure that you have someone to assist you to be accountable for your actions.
Endeavour Capital is a member of Mindshop, an international group of leading business advisers. We have access to a wealth of Mindshop tools and resources.