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Four (4) Reasons Your Small Business Needs An Exit Strategy

I know first-hand that having an exit strategy is not popular among small businesses in Nigeria.

A good number of small business owners don’t know what it is or why they need it.

Especially as they don’t have any plans of selling or exiting their businesses in any other form.

So, why should they bother?

First off, an exit strategy is a plan to sell or transfer ownership of the business to another business, individuals or investors.

It is a plan the business owner(s) put in place at the start of the business, where conditions are set for the business owner to give up control, ownership of the business.

There are so many reasons why every small business owner should have an exit strategy.

Pivoting In A Small Business

Pivoting is always a difficult last option for businesses that have to go through it.

To pivot means to head in a new direction different from your core business.

It can be a strategic way for business to realign with current realities in a drastically new way.

There are many great reasons businesses would want to pivot; the first is that when the growth of a business has peaked, and all other efforts to increase revenue has failed, pivoting is a great way to unlocking revenue growth.

Another related reason occurs when the product or service receives a poor response from target customers.

A solution to this lack of demand could be in the form of a pivot to an entirely new customer class. For instance a pivot from a customer-facing business – business to customer (B2C) model to a business to business (B2B).

How To Stick To Your Small Business Budget

Every year, or quarter, many small businesses spend time and effort creating a budget.

But creating a budget for your small business is the easy part.

The difficult task here is sticking to that budget.

This is a particularly difficult task because of the hard work it takes to do.

And, well, many business owners don’t have that time.

A good majority of them just hope that by creating a budget, their employees would automatically stick to it.

This article contains practical tips that would help your business stay true to its budget and enjoy the benefits of having a budget brings.

The Small Business Handbook

The ultimate guide for anyone looking to start a successful small business.It helps you:

* Understand the legal structure that is best for your business.

* Prepare a one-page business plan with contents that lay the foundation of your business and serve as a template for running it profitably.

* Raise capital for your business, through sweat equity, personal savings, angel investors, venture capitalists, loans, and government money.

Are You Itching To Start Your Own Business And Don’t Know Where And How To Begin?This is the book for you.

Buy Now

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