All good things must come to an end, and a great exit strategy is vital for any CEO who wants to make the future of their company safe and secure whilst boosting their personal reputation. Last time around, we looked at how accelerating company growth is key to a great exit strategy. This time, we’re going to look at how to outperform the market – and how this is going to help your exit strategy. Three tips below.
Prove your results are ahead of the competition
Proven results equal increased confidence – from clients and customers, investors, shareholders, your employees, the board. In short, everyone except your competition! Of course, this is easier said than done – but in today’s data-driven marketplace, data is key to showing how you’re outperforming your competition. Build a data-driven workplace that can prove beyond all doubt that your results are ahead of the competition – and do so from day one.
Use data to your advantage
Beyond the usual metrics around sales and conversions, you can use data to drill deeper into individual elements. In an early stage startup, it might be difficult to properly analyse data, simply because you probably won’t have much of it. But you can start building a data-ready business, where results can be tracked over long periods of time as the months turn into years. Results, collated from each department or team, will show how each team or employee is performing, and the future of work is likely to adapt to new metrics that reveal ever more intricate elements of the workplace. Building your data processes now allows you to better forecast potential performance further down the line. On that note, when it comes to workplace analytics, Microsoft is easily the biggest player in the market courtesy of the add-ons that come with Office 365 and Teams, but there are a number of more specialised vendors. If you’re confident your team will continue performing, positivity will be boosted throughout the company, rippling outwards. With that positivity comes a greater chance of growing and outperforming your competitors.
Encourage weekly target delivery
Data gives you more control over every element of your business – and it will allow you to see how teams perform on a monthly or even weekly basis – which is why it’s worth setting targets at regular intervals. If a team is struggling consistently for weeks at a time, then your data will help you see why. If an employee is consistently overperforming, you can isolate their performance within the data, and apply those factors for success as a springboard elsewhere. Control of this data can also be handed over during an exit period, giving the incoming buyer or CEO greater control over what’s happening.
Exits are always a tricky business. But exiting your business successfully is vastly easier if you are ahead of the competition. If you have the data to back up your claims, confidence from investors and potential buyers will be easy to find.
If you want to accelerate your company’s growth and maximise the value of a future exit then contact me ASAP to arrange an initial free and confidential call.
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