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How Do You Overcome Business Exit Procrastination ?
- Feb 28, 2024
Overcoming procrastination when considering exiting a business can be challenging, as it involves making significant decisions about the future.
Here are some strategies to help a business owner overcome procrastination in this situation:
Set Clear Goals: Define specific and achievable goals for exiting the business. This could include financial targets, timelines, and personal aspirations post-exit.
Break it Down: Break down the process of exiting the business into smaller, manageable tasks. This can make the overall process less daunting and easier to approach
Create a Timeline: Set deadlines for each step of the exit process. Having a timeline can create a sense of urgency and help keep you on track
Seek Professional Advice: Consult with experts such as advisors, your accountant, or companies who specialize in business exits. Their expertise can provide valuable guidance and support throughout the process.
Visualize the Benefits: Imagine the benefits of exiting the business, such as financial freedom, pursuing new opportunities, or spending more time with family. Keeping these benefits in mind can motivate action.
Identify Obstacles: Identify any obstacles or concerns that are causing procrastination. Once identified, develop strategies to address or overcome these obstacles.
Stay Organized: Keep all relevant documents and information organized and easily accessible. This can streamline the exit process and reduce stress.
Take Action: Start taking small steps towards exiting the business, even if they seem insignificant. Taking action, no matter how small, can help build momentum and overcome procrastination.
Stay Flexible: Be open to adjusting your exit strategy as needed based on changing circumstances or new information.
Celebrate Progress: Acknowledge and celebrate each milestone achieved in the exit process. Recognizing progress can boost motivation and momentum.
By implementing these strategies, a business owner can overcome procrastination and successfully navigate the process of exiting their business.
Mike Warmington is a Director of Platform 1 NZ Ltd who specialise in using executive search techniques to find people with capability and capital for SME business owners wanting to transition.
