Category Archives: CBS-CBS.com

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Keep Your Health Top Focus: 7 Simple Ways to Be Healthier at Work

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Just because you sit in an office for eight to nine hours a day, that doesn’t mean your life is unhealthy. In fact, with simple, small changes, you can keep your health a top priority while you work.

According to the World Health Organization, a sedentary (physically inactive), life is the leading cause of disease and disability. Lack of physical activity can lead to many issues, including obesity, mental illness, and cardiovascular disease.

Luckily, even the smallest changes in the office can help keep your health in check. Corporate Business Solutions has seven simple ways to be healthier at work.

Pack Your Lunch

It’s your lunch break, and you didn’t bring anything to work. What do you do? Chances are you race over to the nearest fast food joint. Although now and then there is nothing wrong with this, you’re better off to bring your own lunch. That way, you control what you eat, and it will save you money down the road.

Use the Stairs

If you work at a multi-story building, opt for the stairs over the elevator. This simple decision can help you reach the recommended minimum amount of physical activity each week.

Store the Lunchroom with Healthy Options

Instead of handy a candy vending machine in the breakroom, provide healthier alternatives for everyone to try. Swap out the bag of chips for a piece of fruit. Provide flavored water instead of cans of pop.

If the only option available is junk food, of course, that’s what people will go for. However, if you provide healthier options, it’s a step in the right direction to promote a healthier lifestyle.

Stretch Every Hour

Sitting for hours on end won’t do you any good. When you sit for too long, it ends up tightening your hip flexors and hamstrings. These tight muscles can cause lower back pain, make it difficult to walk or stand, and make your life very uncomfortable. When you can, take a moment to stand up, move your body for a few moments before getting back to work.

Stay Hydrated

Dehydration wreaks havoc on our bodies and our minds. Lack of water can cause sleepiness, difficulty concentrating, and even headaches. Avoid dehydration by having a water bottle at your desk all the time. Once it’s empty, fill it up, so your water is readily available. You can even download apps that remind you to drink water throughout the day.

Take Five Minutes to Yourself

Yes, you’re at the office, which means you’re supposed to be working. However, that doesn’t mean you can’t take a few moments to relax your brain and focus on yourself. Taking five minutes to do a quick meditation session at your desk can help you refocus and recharge your mind. Plus, meditation is an excellent way to center yourself and appreciate your surroundings.

Start an Office Workout

Even a five-minute workout session is better than nothing. Adding in a simple workout routine is an excellent step to increase your overall health. Physical activity is known to improve not just your physical health but your mental health as well.

Implement the above seven tips to help keep you healthy while working all day. Don’t let sitting for hours on end cause you to have a sedentary life. These simple adjustments will go a long way for your health.

Worried About the Survival of Your Company? 5 Tips to Revive a Struggling Business

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How often do you hear this – over half of new businesses will fail in their first year. That’s a scary statistic. However, it isn’t entirely true.

The recent numbers from the Bureau of Labor Statistics (BLS) show that in the first two years of operation, 20 percent of businesses will close. That number increases as the years go on, but it does show that you have a fighting chance.

Every business will go through some rough periods. Unfortunately, some companies can survive those difficult times while others end up closing their doors for good.

Is your company during those difficult moments and wondering how you’ll move forward? CBS-CBS.com has a few tips to help you revive your struggling business.

Take a Step Back to Identify the Issue

Before you can begin moving forward, you need to identify the problem. If you try to revamp your entire company without first determining where the issue truly lies, you could end up in the same position relatively quickly.

Look at when you were the most profitable compared to right now. What has changed since then? It could be the market is changing, and your company hasn’t, your management style shifted, or maybe it’s the economy, and your customers can’t afford to spend right now. Once you have that reason, then you can develop a plan.

Revamp Your Marketing Plan

When’s the last time you’ve taken a look at your marketing plan and seen those analytics behind it? Sometimes, all you need to do is freshen up your marketing strategy to engage with your current clients and reach new ones.

Adjust Your Business Model

Adjusting your business model can bring business back to life. However, it isn’t an easy task. As the world changes year after year, your business must adapt to these changes. If you’re still doing the same thing you did for the last few years and noticed a decline, it could be time to adjust your business model to keep up with modern times.

Boost Internal Moral

What happens behind the scenes of business eventually spews out into the public. That means, if your company culture is negative, your customers will soon pick up on that.

The consumer often wants to support companies that provide a happy, healthy, and encouraging work environment. If your team struggles to work together or simply don’t want to come to work, a morale boost could be what your struggling business needs to thrive once again.

Make Cuts

In some circumstances, cutting costs can help a business get back to thriving. Maybe you were once spending extra dollars on luxuries to make life a bit easier for you as the owner. If those additional costs are coming at the expense of your success, it’s time to make some cuts.

In other circumstances, though, making cuts is only a band-aid solution and not addressing the root issue. However, making cuts could give you the time to determine the actual problem that needs fixing.

Failure to control costs is one of the primary reasons a business fails. If you are aiming to have a 10 percent profit, that means you have to run your business so that your expenses equal 90 percent of every dollar you take in.  You need to create what is called a managerial accounting system that pays yourself first. You are entitled to the salary of what it would reasonably cost to run the company if you were hiring someone to run it for you as well as your predetermined profitability.  Together, your salary, plus your planned profit becomes the Total Ownership Return. By paying yourself first rather than getting paid what is left over after all the expenses are paid, it will create the internal management discipline to make the necessary decisions to cut costs so that your business can pay your what you deserve while becoming a profitable business for the long-term.

The tips above could help you get your business back to where it used to be and even more profitable than before.

Your Checklist for Running a Successful Business

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Are you dreaming of running a company? Maybe you want to work your way through the corporate ladder, or you’d instead start something from scratch. If you’re looking at opening up a business, we’re here to help.

At Corporate Business Solutions Reviews, we understand the stress of starting a new venture. As exciting as it is to run a company, it does come with additional pressure on top of everything else. We created a checklist to help guide you on your journey of opening and operating a successful business.

Do You Have an Idea?

You can turn almost any idea into a business, but that doesn’t mean you should. Just because it could be a business doesn’t mean it will be a successful one.

When determining your idea, it should answer one fundamental question: does my idea solve a consumer problem?

Conduct a SWOT Analysis

Every business owner should know about a SWOT analysis and utilize this tool. A SWOT analysis covers four major sections of running a business:

  • Strength
  • Weakness
  • Opportunity
  • Threat

By conducting a SWOT analysis on your business idea and even yourself, you’ll be able to pinpoint what you need to work on, what you’re good at if the concept provides an opportunity and the competition around you.

Define Your Target Audience

So, you have your business idea and have concluded that it will be a successful business. Now, it’s time to define your target audience.

The target audience is those who are your ideal customer or client. A person’s age, gender, location, occupation, and even values are all characteristics to help definite your ideal client.

Create a Business Plan

Your next step is to create a business plan. It’s this plan that will guide you during the beginning of your company. Also, your business plan is a proposal to investors if you need capital to get you going.

All the points mentioned above are an excellent addition to your business plan. Add in other things like potential running costs, marketing plan, short-term and long-term goals, mission statement, and key operations.

Your Mission Statement

We mentioned a mission statement in the point above, and it’s important enough to talk about it on its own. The mission statement is a few sentences that describe the core values of your company. It explains why someone should go to you and how they’ll benefit from that decision.

Have a Support System

Although this may not seem like an important point to mention, it’s one that every business owner should have. Running a company, especially a start-up, is stressful. Having that support system allows you to talk out stressors and keep your mental health in check. Too much stress can cause serious harm to your mental and physical well being.

Define Your Critical Variables

Every business owner begins a new business with enthusiasm and passion for the chance to own and grow his business.  Business doesn’t fail for a lack of passion, they most often fail because the business owner fails to run the business by the numbers.  You need to develop a set of KPI’s, or Key Performance Indicators, which will allow you to evaluate your business with the metrics to evaluate how you are performing before it’s too late to make needed adjustments.  Your accountant is just a scorekeeper.  You need to be the head coach who has all the needed information to make the needed adjustments to win the game of business!

Take the Plunge

Once you have your plan ready to go and a support system rooting you on, it’s time to take the plunge. If you’ve prepared yourself as much as you can, the only thing standing in your way will be yourself.

Part of starting and running a business is taking those calculated risks and being confident in your decision. Many of the points above will also help you in the years to come as you run a successful business.

Are You on YouTube? Why Your Company Should Utilize the Popular Platform

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YouTube still dominates the online world as being one of, if not the top social media platform available. On average, two billion users log on to YouTube every month. That’s roughly one-fourth of the world population.

When put into that perspective, YouTube is an incredible market that every business could and should utilize. However, not many companies think about the upside of YouTube and miss out on the opportunity to grow their business.

Have you thought about using YouTube for your small business? We have five points from reviews for Corporate Business Solutions to show why you need a YouTube channel today.

Reach an Audience in a Unique Way

As you create your marketing strategy and search for different tricks and tips to help, you’ll often come across information on Instagram, Facebook, and having a website. Although those are all excellent additions to your marketing plan that you should have, it shouldn’t stop there.

YouTube offers a unique way of reaching out to your current audience and beyond. With how popular it is and how many users log on each month, you’re bound to reach people interested in what you have to offer.

Create a Lasting Relationship With Your Viewers

If you want to really connect with your clients, YouTube allows you to achieve that. You can bring them into the day-to-day that they wouldn’t usually see. Through your videos, you can showcase the fun side of putting together a product or service that could be surprising to your viewers.

YouTube also offers a chance for customer engagement. You can ask questions on your videos and have the viewers respond in the comments below. Your next video could then be your response to those questions. Doing this can boost your engagement and build those crucial relationships with your clients.

Provide Support

For companies that sell products or offer services, utilizing YouTube is huge. To start, you can upload videos that show someone how to use a specific product. If they’re struggling with it or something goes wrong, they can reference your video. It adds another element to the customer experience.

Companies that offer services, whether it be a trainer running classes or service at someone’s house, you can upload videos that show what goes on behind the scenes.

Showcase Customer Testimonials

Another advantage of YouTube is uploading customer testimonial videos. Words are a great starting point, but if you can get someone on camera talking about their experience, it adds to the authenticity of the testimonial.

You can fake words; however, you can’t fake the person on the screen, sharing the true story of their experience with your company.

Potential Revenue Source

Did you know you can make money from YouTube? Although it may take a while to get there, it is possible. With the ads, you see on videos, that could bring you in a couple of bucks here and there. Even if you’re not focusing on the revenue side of it, this perk could bring in disposable cash for anything extra you wouldn’t buy before.

Start a free YouTube channel today to access the additional possibilities it could provide for your business.

6 Entrepreneurial Skills You Should Master Right Away

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Anyone can be an entrepreneur if you think about it. If you have an idea, a plan, and the means to make it work, you could become an entrepreneur.

Just because you can be one doesn’t mean you’ll be successful at it.

Successful entrepreneurs have particular skills that they’ve either mastered or are highly developed. It’s these types of traits that drive them to push the boundaries and reach every goal they set out.

At CBS-CBS.com, we know how important it is to have the resources to get you where you want to be. That is why we created a list of the top six entrepreneurial skills you’ll want to master right away.

Time Management

As an entrepreneur, you’re wearing multiple hats in a day. If you struggle to manage your time efficiently, you’ll become overwhelmed with all of your tasks. You may even miss important deadlines and meetings.

Many small business owners starting still have a full-time job on top of their startup. Everyone has the same 24 hours in a day. It’s up to you in how you use them.

Determination and Motivation

Entrepreneurs rarely walk away from what they started because it didn’t work the first, second, even fifth time. Instead, they take what they learn, apply it to a new strategy, and continue to persevere. They are determined.

Having determination allows you to take on challenges head-on to reach their goals. It’s also their determination that motivates them to stay the course.

Marketing and Social Media

You’ll spend a lot of your time marketing your business; otherwise, how will people know you exist?

The marketing world is challenging to maneuver. That is why this is an essential skill to develop quickly to help your business succeed.

Customer Service

At some point, you’ll have to handle customers and clients. Maybe, later on, you’ll hire someone to do that for you. However, as you start, you’ll take on the role of customer service.

Handling customers is more than merely talking to them. It’s a unique skill to have under your belt. It’s these skills that help put out fires and keep upset clients coming back happy.

Ready to Learn

Although this may not seem like a skill, entrepreneurs must keep learning no matter what.

Successful entrepreneurs set aside their pride and admit when they need more education on a subject. Not only that, they learn from every discussion, failure, success, and hiccups they have on their journey.

Ability to Listen

The ability to listen is a considerable skill one needs as an entrepreneur. It is this skill that wraps everything together.

Whether it’s through interactions with customers, employees, or a potential business partner, you need to spend time listening to them speak. Give people a chance to speak and respond in ways that keep the conversation on the topic, rather than turning it back to you.

Having the ability to listen is a deceivingly tricky skill to master. Individual responses may seem fine to you but are offensive or condescending to someone else. Practicing empathetic listening will be a tremendous asset to know.

Add these six skills to your to-do list as an entrepreneur. As you develop them and continue to grow, watch how they change the way you think, listen, speak, and work.

6 Tips to Stay Organized as a Small Business Owner

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There are many skills a small business owner has that aid in the success of their business. From perseverance to communication, each ability provides value to you and your business.

One of those skills is organization.

Companies must stay organized. Lack of organization often leads to issues, missed dates, and potentially losing out on clients and sales. No business wants to go through this.

Improve your organizational skills to be the best small business owner you can be. Our Corporate Business Solutions consultants have six tips to help you improve your organizational skills.

Plan Your Days and Weeks in Advance

Planning is the key to stay organized. It’s a way to know what you need to accomplish and by when. A good tip is to spend the first few moments of your workday planning out what your priorities are, what’s next up, and what are things you’d like to achieve but can wait. Don’t forget to plan out later in the week to see upcoming appointments and deadlines.

Planning takes us into our next tip…

Prioritize Your To-Do List

Everyone can benefit from prioritizing their lives. When you prioritize, you’re putting the pressing matters at the top of your list. These are the items you have to get done that day.

If you think about it, why would you spend hours working on a project that isn’t needed until next week if you have a deadline coming up in a couple of days? Once you complete the priority items, then you can make your way to the other tasks.

Declutter Your Office and Desk

A cluttered space isn’t doing you any good. Although there’s a mentality that a cluttered office is a sign of a busy person, it isn’t a sign of proper organization.

Having a clean working space not only looks good and allows you to work smoothly, but it’s also a way to ease stress and keep you motivated.

Label Storage and Folders

Have you ever spent more time than needed looking for a particular file? Even if it’s 30 extra seconds browsing through each folder to find the one you need, that adds up in a year. Not only that, but it also adds more stress to your life.

Help keep essential documents organized by labeling storage containers and folders. Spending a few extra minutes setting up will save you time and stress down the road.

Learn About Time Management

Time management is a crucial element of staying organized. You can plan everything out correctly, but if you don’t manage your time, that plan won’t help you much.

Managing your time efficiently helps boost productivity, efficiency, organization (think less scrambling around), and makes your life overall less stressful.

Use Cloud-Based Services

Are you still stuck with things like paper receipts? Unless you’re good at filing them right away, consider software that takes a snapshot of the receipt and stores it virtually. It’s a way to reduce clutter and keep your finances organized.

Cloud-based services are an excellent way to keep employees linked together. You can have calendars that select people to see and edit, or have a running document with tasks to achieve in the week.

Staying organized is an essential task of managing a business. Without it, even the smallest task can quickly become overwhelming and cause problems.

Master your organizational skills to keep you and your business successful and stress-free.

Is The Time Right To Exit My Business?

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Every business owner needs to acknowledge that they will want to leave their business at some stage. Therefore, thinking of a business exit strategy from the very beginning couldn’t be more important. Many things need to be borne in mind when exit planning, but perhaps the most vital has to be timing considerations.

Here at CBS-CBS.com, our consultants know how important it is to think well in advance about how to exit a business as early as possible. Therefore, we’ll take a look at how to know when the time is right to exit a business.

The Lifecycle Of Your Business

Whatever kind of business you have, it has its own lifecycle. Knowing where your company is within its own lifecycle is key since this will impact in a major way on how sellable your business is. While there isn’t a single perfect time for selling a business, if you know the exact stage that your business is at, you can ascertain an accurate valuation and, therefore, build a sales pitch that will convince potential buyers. For example, if your high growth business is under a year old, you might require more time in order to progress towards a mature stage, while businesses that are already in their mature stage could require diversification if its value is to increase and its appeal is to extend to a wider pool of buyers.

Is The Time Of Year Right For Selling Your Business?

When you’re timing your business sale, its seasonality shouldn’t be overlooked. For example, if you consider e-commerce enterprises, most notice a significant increase in sales around the busier shopping period from October to January. In the case of some e-commerce websites, this may account for more than half of the company’s annual revenue.

While it may feel natural to sell your business right after this especially lucrative time of year, however, it’s important to consider whether any buyer would be interested in acquiring the company in February but having to wait for 8 months until real returns start to come in. This would have a material impact on how much the buyer would be willing to pay for the company.

With this in mind, timing your exit around lucrative periods is vital.

Is It The Right Choice For Your Business?

Timing is essential to successful sales. There are numerous factors that come into play and, therefore, you need to make sure that you don’t just sell for the right reason, but that you sell at the right time too. Selling your business under duress or too quickly is almost certainly going to end up getting you a low sale price. In general, the longer you’re able to keep your business, the better the chances of your business having a fully-developed exit plan, and the greater the value you can achieve when you sell it.

When it comes to timing your business exit, it’s important to take professional advice. The Corporate Business Solutions team is on hand to answer your questions and help you to draw up an effective strategy for the long-term.

Can I Avoid Intellectual Property Theft?

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Most businesses these days are highly reliant on knowledge and innovation to beat their competition and, thus, achieve success. In many cases, their IP (Intellectual Property) is the asset that is most valuable to them, and so, it’s considered to be extremely sensitive information.

Intellectual Property comes in many types. It includes trademarks, copyrights, trade secrets, and patents. While some intellectual property is protected by federal and state laws, such as innovations, formulas, media products, music, web content, and technological advances, other types are not.

Since the protection of the intellectual property is an extremely complex area, it’s important to seek professional advice. This is where Corporate Business Solutions can help, by offering assistance and guidance about how to avoid the possibility of intellectual property theft.

What Is Intellectual Property Theft?

When someone steals assets such as those mentioned above, it is known as intellectual property theft. The potential outcome of such thefts includes economic damage, a slowing down of business growth, and loss of the company’s competitive edge. It’s easy to see, then, that IP theft is a major concern for any business, and statistics show that world economies lose billions every year due to intellectual property theft in a range of categories such as pirated software, patent infringement, and counterfeit goods.

There are some misconceptions that small businesses don’t fall victim to intellectual property theft. Yet, this isn’t the case at all. Actually, the Netwrix IT Risk Report shows that small and mid-sized businesses are more vulnerable than enterprises to intellectual property theft.

The Most Commonly Experienced Intellectual Property Theft Scenarios

Some of the most common IP theft scenarios include:

  • Human error – if employees lose a device, accidentally send a file containing company secrets outside their business network, or share confidential information with an unauthorized party, intellectual property theft can occur.
  • Malware infiltration – malicious software allows criminals to steal intellectual property by attacking company computer networks.
  • Privilege abuse – employees may exploit their own access to company files and sensitive information by committing economic espionage.

How Can Companies Protect Themselves From IP Theft?

Organizations still aren’t doing enough to protect themselves from IP theft. They tend to underestimate risks that their employees present and even fail to put security basics in place. Therefore, several practices are recommended to improve security in this respect:

  • Gaining greater visibility of sensitive data – when companies know precisely what sensitive data they have and exactly who has access to it, they can build a stronger security system.
  • Establishing a policy for data security – this policy will define how any security threat is addressed, specify the controls that are necessary to mitigate security vulnerabilities in the IT system, and define a plan for recovery if an intrusion into the network occurs.
  • Monitoring of employee activities – even when employers trust their workers, it’s important to acknowledge they still represent a major threat. Critical mistakes can easily be made, so establishing monitoring processes of user behavior is essential.
  • Providing employee training – when employees have poor cybersecurity awareness, the chances of intellectual property loss are greater. Establishing a comprehensive training program for workers based on their access level and the role is important to ensure that misunderstandings are avoided.

Intellectual Property – An Important Driver Of Growth And Competitiveness

It’s clear that intellectual property is vital for driving a business’s growth and competitiveness, and therefore it must be a key element in any security strategy. Building strong lines of defense requires involvement throughout the company at every level and putting clear security policies in place surrounding the protection of sensitive data couldn’t be more important to minimize risks.

 

Business Analytics And The Manufacturing Industry – An Expert Guide

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Many of the latest business trends like vertical integration, margin pressure, and globalization have forced manufacturers to look for innovative, new ways of boosting their performance and improving their decision-making processes. This is where business analytics can prove helpful. Traditionally, the manufacturing sector has been quite slow in the adoption of analytics. Yet, now, it has begun to leapfrog other industries through the application of business analytics to a broad spectrum of business areas, from supply chain and finance to product development and marketing.

Now that external and internal data is exponentially expanding, and insights-driven by data has become a strategic necessity, it’s no wonder that many manufacturers have been tempted to launch analytics initiatives across their enterprises that try to analyze and capture all aspects of their business. Yet, taking an all-encompassing approach is risky, time-consuming, and expensive. Therefore, as Corporate Business Solutions consultants say, it’s a better idea to focus analytics on targeted areas to produce optimal results.

Why Do Business Analytics Matter To The Manufacturing Sector?

Analytics provides actionable insights to support any company’s key business decisions directly. Which products have yielded a lower margin? Which suppliers have been more disruptive to production processes? How does the landscape look when it comes to competitive sales incentives? How is it possible to manage and predict the levers driving sales revenue?

Products, typically, lie at the heart of any manufacturing business. Therefore, the first analytics wave is usually focused on improving the development of those products. Other common areas of focus include management of the marketing and sales spend, optimization of the chain of supply, reduction of warranty spend, and improvement of financial management overall.

Analytical insights in those key areas can have major impacts on the manufacturer’s performance. They can also potentially deliver impressive returns on the business’s analytics investment. Not only that but by using business analytics, it’s possible for new revenue models to be enabled that have been designed around the sale of services rather than solely products.

What Are The Advantages Of Business Analytics For The Manufacturing Sector?

Analytics provides an edge over any manufacturer’s competition by revealing new opportunities for the improvement of efficiency through the product’s lifecycle. This allows the company to spread the cost of innovation across various product lines so margins can be boosted.

Also, with business analytics, the link becomes clearer between investments in analytics and business decisions that can deliver improved performance and results. In the manufacturing industry, this is particularly important, since many organizations use the federated business model, with multiple relatively independent business units. Responsive, flexible, and agile analytics provide insights that are forward-looking enough to aid the organization in the more effective management of its resources.

By taking a focused analytical approach, results can be produced that are more relevant than when taking the enterprise-wide approach. Not only that but it’s also cheaper and swifter to implement.

How Can Manufacturers Benefit From Business Analytics?

It’s clear that business analytics has great potential to improve your manufacturing company, giving you a greater competitive advantage within the marketplace. Yet, it isn’t a sure thing. You’ll need to take the correct approach to achieve the results you seek. The best way to do this is to seek advice from experts in the field and Corporate Business Solutions are here to help.

4 Effective Business Exit Strategies To Consider

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Business exit strategies are plans for what is going to happen when you wish to leave your company. In this strategy, the form of the transition will be described and outlined. In the same way, as you create your business plan as a way of guiding your company through its life, it’s important to have a similar plan to guide it to its conclusion.

Of course, having a business exit strategy shouldn’t mean failure or disaster. It doesn’t even mean that action needs to be taken imminently. Actually, most business owners begin their company with the intention of existing it after a set period of time. That doesn’t mean they’re not committed as entrepreneurs. It simply means they’ve got a clear plan in place.

However, when you’re thinking about a business exit strategy, you don’t just need to consider the way in which you’ll leave, but also the other factors involved with the process:

  • Will you be making money when the time comes to exit the business, and if so, how much?
  • What is going to become of the business after you’ve left? Is it going to carry on operating with a new owner?
  • How long is the exit process going to take and what sort of transitional period is going to be involved?

When you’re reading Corporate Business Solutions reviews, you’ll see that many business owners have turned to us for assistance in this respect, so here are four of the options that our consultants recommend.

1.Continuing A Family Legacy

Some entrepreneurs are keen to keep the business within the family in the long-term. This means that they make plans to transition their company to a relative. While this seems to be an appealing strategy, it’s vital to ensure that family relationships are strong enough to cope with the stress and volatility of owning a business.

The benefits are that it’s possible to choose someone that you wish to carry on the business once you’ve left and prepared them fully for the challenge. You also don’t need to be completely separate from the business, being able to remain in place as an advisor in the long-term.

On the downside, though, it can be difficult to find someone in the family or is capable or who wants to take the business on. Also, business partners, investors, and employees may not be supportive of the chosen individual, while the process brings a considerable amount of financial and emotional stress to the family.

2.Merger Or Acquisition

When you adopt an acquisition or merger business exit strategy, the company will either be bought by or merge with an organization that has aligned or similar goals. Depending on who the business is sold to or merged with, this could mean greater flexibility with it comes to your own involvement in the future.

This strategy allows you to negotiate the sale price, but it can be a time-consuming process and it may not happen at all. Only a fifth of all companies listed for sale gets bought.

3.Employee Or Management Buyout

While it’s hard to plan in advance, it’s possible when you want to leave your business, the management team or employees may wish to purchase it from you. Since these individuals already know how the organization is managed, this strategy may result in a much smoother transition process, with a better chance of your legacy being preserved. On the downside though, there may be nobody willing to make the purchase.

4.Taking Your Business Public

A lot of entrepreneurs hope that one day they will be able to sell their company to the public and make a huge profit. Yet, when it comes to exit strategy planning for small businesses, this option won’t work for everybody. Even when your business is successful, your industry might not be appealing to the public, and therefore, your company may be devalued. Also, IPOs are quite rare. Yet, they’re also very lucrative and could gain you substantial profits.

No Single Strategy Is Best

When it comes down to it, there isn’t a single perfect exit strategy for every business. The right strategy for yours depends on several factors, and it could develop or change as your company’s life cycle progresses.

It’s important to be aware, though, that planning ahead is the best option. From the moment you launch your enterprise, you should be considering exit strategy possibilities. After all, if you’re proactive about the process – how it could look, how you could execute it, and what the possible consequences could be – you’re most likely to be successful when the time comes to leave your company behind.