5 Important Steps to Exit Planning

 

You took a chance. Maybe you quit your job or invested thousands of dollars into a business of your own. You worked hard, persevered through the tough times and built up a successful and profitable company.

That result may appear to be an end in and of itself, but there is one more step you need to be thinking about -- your exit. If you want to sell your online business, you’re going to require a strategy. There are a lot of different elements you need to be thinking about, and all of your records need to be up to date and in order.

The sale process can be daunting; so here are five important steps to take to plan your exit.

1. Time the sale.
When is the right time to sell your business? This largely depends on the type of business you’re selling, the consistency of the revenue and how long your business has been around.



Perhaps you decided to build an Amazon Affiliate site or an advertising site. This is a crucial decision that will factor into the sale of the business.

Ecommerce businesses, for example, tend to have both high and low sales periods, such as summer or the holiday season. Without an accurate understanding of these trends, you may not be able to sell your business for its true worth. A buyer isn’t going to want to buy your business when sales are low, just to wait around for them to pick up later in the year.

Timing, then, is everything. Fortunately, if your business has a longer track record, you'll have an easier time spotting the trends and helping prospective buyers understand fluctuations in your revenue.

So, determine whether or not seasonality factors into the sale of your business, and time the sale appropriately.

2. Get your financials in order.
Accurate and detailed financial information is essential to the eventual sale of your business.

Any buyer looking to invest in a business is going to want to gain a thorough understanding of its financials. Where is the money flowing? What sources of revenue does it have? It is recurring? What are its biggest expenses? How has the business performed historically?

While you aren’t obligated to answer every single question a prospective investor might come to you with, you should have extensive bank statements, spreadsheets and legers documenting the financial history of your business. Good bookkeeping is key.

Buyers are often looking for areas of the business they can improve, which means a spotless record isn’t necessarily going to be an advantage. Nevertheless, recurring and predictable revenue is very attractive to investors, so if your business is subscription-based, and the revenue is generated automatically, this can be a plus.

Related: 3 Business-Exit Plans That Actually Work

3. Develop standard operating procedures.
The harder it is to run your business, the more you’re going to limit your potential pool of buyers. Investors are often looking for businesses they can take over and get up and running in short order.

Documented standard operating procedures can mitigate complexities and make it easier for new owners and employees to take over and know exactly what they need to do to keep the business running smoothly.

Procedures need to be easy to understand, as anybody should be able to follow them to the completion of a task. These procedural documents are particularly attractive to prospective buyers, and they may even be necessary for the sale of a complex business.

Make a list of all of the tasks that need to be performed in your business. Determine how much time each of them takes, and what expertise or skills they require. Make your business easily transferable.

4. Prepare your website.
Is your website ready for sale? Does it have any errors or technical issues that you are aware of?

Buyers tend to shy away from businesses that have technical problems. You’re going to have a hard time selling a business that has known issues.

In order to prepare your website, you will need to conduct a thorough audit and fix any problems you uncover. This means validating links, making sure images are displaying properly and ensuring that all of your pages are functional. This means search-engine-optimizing your site, making it mobile friendly and optimizing load times. It also means evaluating your current hosting solution and any downtime you’ve experienced.

While preparing your website can be time consuming and laborious, the time you spend on this task will be well worth the effort, and will increase the likelihood that your business will be sold more quickly and with less effort.

5. Remove yourself from the business.
Pay attention to what's already been said about standard operating procedures, as that definitely applies here: As a business owner, you'll typically have functional roles within the company, and you may have installed yourself as its face and brand. But as you look to sell your business, you will need to uncouple yourself from its identity and make it easy for someone new to take over.

You will need to detail your role and what tasks you are responsible for. This can also be a part of your procedural documents.

You will need to make the buyer aware of any relationships and agreements you have in place that are vital to the business, and whether or not they are going to be transferred, and how.

You will need to audit and update your social media presence, as buyers may want to review your work history. You will also need to offer an explanation as to why you are selling your business. Remember to keep the message positive.

Final thoughts
A proper exit strategy begins with awareness -- knowing what buyers are going to be looking for in a business. Then, it’s a matter of preparing the right information and ensuring the technical details are taken care of.

Whether you’ve sold a business before, or this is your first time, you should consider working with an experienced broker who can walk you through the exact steps. That way, you won’t be caught off guard.

Looking Out For Small Business Offers

Small Business Offers allow Australian businesses to get better value for their money by offering discounts, vouchers, sales and much more! The more money small business can save on expenses, the more money they have to invest in employees and innovation.

There are some main areas where Small Business should look for special offers, as there is considerable money to be saved or extra value to be gained.

Small Business Offers Through Social Buying

The latest trend and opportunity for small business to present their own offers is through the new wave of social buying sites. The most famous such site in the world is US-based Groupon. But Australia also has its fair share of start ups in this space including Spreets, Living Social, Scoopon and many more. Small businesses can promote a special offer at a heavily discounted price. As long as the nominated minimum of buyers pick up the offer (usually only 10 or 20), then the deal is "on" and will happen.

It's a great way for a small business to introduce new customers to their product and service and hopefully turn them into a regular client!

Mobile Phones Offers

Business owners and employees spend countless hours on their mobile phones. So mobile phone offers for small business can save a significant amount. There are several types of mobile phone plans for business. On an individual capped plan, each user has an assigned limit to the amount he or she can use whilst only paying the minimum monthly access fee. For example if a user is on a $49 Cap for $350 of value, then the user can normally use the $350 of value for standard calls and SMS, and as long as they are within that amount, they will not pay extra. Some special services are charged on top of a capped plan, so check the exact offer with the mobile phone provider before signing a contract.

There are also now unlimited or infinite plans which allow as many calls and SMS as you can make. There are usually some conditions set with this type of offer, so read the fine print. But generally these are fantastic offers that can save your enterprise a lot of money!

Web Hosting Offers

There are so many players in the web hosting market, you are bound to find plenty of deals and offers for your business. Just make sure you look for a web host that corresponds with an acceptable level of risk. There are some great hosting deals available for $5 or $10 per month (and even less in some cases!), but if you want a level of reliability from a host that has fast page-load times and low drop outs, then you might need to pay a lot more.

But even on the higher end hosting services there are deals to be found.

Broadband Offers

If you are a small business then you need a reliable broadband connection. You may not require a "business broadband plan" as they are often exactly the same reliability, but simply come with more business features like a Static IP address and Annex M for faster uploads. So some of the standard residential offers may be fine for your type of usage with ISPs like Internode and iinet.



Article Source: http://EzineArticles.com/5719222

Tips on How to Know a Legitimate Online Business Offer

You awake each morning and get yourself a hot cup of coffee and decide to mosey over to your PC and check your emails and 'boom' there it is again. The same old "New Launch" promising to make you thousands of dollars a month with every want to be "Guru" telling why you should spend your hard earned money to buy this old hashed garbage.

If you are anything like I am then this has become really aggravating to say the least. So in response to this mad house melodrama I have decided to begin a quest at writing and sharing my experience with everyone who feels the same as I do. Please don't get any wrong ideas about what I have set out to do. I just want truth and I'm sure you do also.

There are some great legitimate online business offers that can help you make money online but they are few. What you are getting when you order these so called "Online Money Making Business Scams" is nothing more than "Theory" that's it, you are ordering someone else's ideas that they themselves have never tried or made a cent from but they want you to spend your hard earned money to purchase these unproven techniques.

Then when you finally find a legitimate business offer it costs so much that it would take borrowing from everyone in your family just to purchase it. Here is a few tips on how to know what a good business offer is:

*** Make sure you research the credibility of the business owner

*** Make sure you will be able to have access to HIM/HER by telephone or email (Note: Have you noticed, you can NEVER get access to these Business Owners personally?)

*** Make sure this is absolutely what you are willing to invest your time with

*** Don't become ensnared with all the hype

*** Most importantly, visit forums and research the business offer itself---is anyone having success with it and how much tech knowledge does it require to operate it.

I want to comment briefly on the last Tip. What most newbies don't realize is it takes time to become an Internet Market and these people that are trying to sell their Business offers to you, a complete newbie at this sort of Business when they, the Business owners have been working online for years and know all the ends and outs on how to succeed online.

Article Source: http://EzineArticles.com/4794351

Online Business Offers Affordable and Automated Income

An online business offers success to anyone with a desire to succeed and move ahead in life. Succeeding at this type of business is not just possible but probable. If you are looking to supplement, replace and surpass your existing income, an online business is the way to go. Increasing your income by making money online is quick and solid if you have the right plan. Once you setup your online business, you have the ability to make money even while you sleep, 24/7, no matter where you are or what you're doing.

Single Income Homes 
Creative and ingenious stay at home parents are looking for ways to increase their existing income. Dedicated parents often make sacrifices to make ends meet on one income and still find it difficult to stay within a budget. If you are tired of having more month than money and yet you are still clipping coupons and doing everything you know to do to save money, an online business is the perfect answer for you. Stay at home parents are often the most successful online business owners because they apply their dedication and perseverance in a new, creative way and yet still remain home caring for their families.

Recession Proof Your Income 
Perhaps you have been working in the work place for years but in the back of your mind you have always desired to be your own boss. If you find yourself feeling the "weight" of your current situation then an online business is the perfect answer for you. One of the many advantages of having an automated income is how easy and affordable it is to get started. You can establish a quick and solid income that will be ongoing, regardless of what the economy is doing. Within a short time your business will surpass the pay of your current employment and you can enjoy the freedom in life that you have always desired. You can say goodbye to your stressful commute, worries about unemployment/being laid off/being overlooked for a raise, dealing with co-workers...the list goes on and on.

Middle/High School/College Students and College Graduates 
Relying on a small part time job or on an allowance from your parents can be an unnecessary burden on both parties. Likewise, college graduates are often overwhelmed as they seek out their first job and begin to make student loan payments. That alone can cause graduates to seek second jobs and additional means of income. Imagine never having to work for someone else and being able to wake up every morning to see how much money you made while you were asleep. If you have the ability to use the internet, you have the ability to have an online business. You can even work from the comfort of Starbucks, Burger King, and anywhere else that has internet access. The flexibility and income potential for making money online, 24/7 is amazing and rewarding.

There is no doubt that online business is the trend of the future and the key is to learn from someone who has already succeeded rather than risking making your own mistakes. That can be very costly and also very time consuming. You want to be wise as you proceed and find an online business that has a proven success record. Just remember if you continue to do what you've always done, you'll continue to stay where you've always been. Take action now and begin your own incredible journey with an online business.



Article Source: http://EzineArticles.com/2383508

Choosing and Caring for Silver Jewellery

Since the dawn of time, women have been attracted to beautiful things, and have wanted to look good. It's no wonder that jewellery ranks as one of the top accessories women favor in the quest to look their best. Silver is a great addition to your jewellery collection and can be dressed up in many different ways. Silver is a precious metal that is easily manipulated to form various shapes, according to what you want to achieve. Due to its semi-durability, it's mixed with a bit of copper to strengthen and protect it from damage. This means that great care should be taken to maintain the original shine and look of your silver jewellery.

When shopping for silver jewellery, make sure that the type you're looking for is sterling silver. Check that the silver is actually sterling by looking for the number .925 engraved on the jewellery. What this means is that 92.5 percent of the jewellery is pure silver, with a bit of copper and nickel added in. What you want to avoid is any jewellery that is 'silver plated' because, quite simply, this is just metal with a coating of silver, and with time, the coating will wear away and reveal the inferior metal underneath.

Silver jewellery is a great way of adorning any outfit, and is perfect for all occasions. Some tips for caring for it include: never swim in your silver jewellery. The silver will react with the chlorine or other minerals in the water and fade much faster with time. When you're out of the shower and preparing yourself to leave the house, don't lotion yourself up with your silver ring, bracelets or earrings on. They should be the last thing you put on.

Remove your jewellery and keep it safe before working out at the gym to avoid discoloration. It's a good idea to invest in a silk pouch that will serve as somewhere you'll store your silver jewellery when you're not wearing it, protecting it from scratches and accidental bumps. Regularly polish and clean your silver jewellery. You can easily do this with warm water and a soft cloth every so often, and then polishing it using a specially prepared lacquer that you can find in most jewellery shops.

Before buying silver jewellery, make sure that you're not allergic to it. Most people don't know what it is that they're allergic to when they get a reaction from wearing jewellery. In most cases, silver allergy is in fact due to the other metals that are found in sterling silver jewellery. You could speak to your doctor about this and ask for a test to confirm this allergy.Silver is always relatively low in price, especially in comparison to gold, so it won't put a dent in your finances. It looks good and gives that extra sparkle to an outfit, making you stand out. Silver jewellery is a perfect gift idea that will bring a smile to the person receiving it, and will carry memories of fondness for years to come.

Article Source: http://EzineArticles.com/7005809