In just a few days I will be attending our firm’s annual conference in Anaheim, California. We will be focusing much of our attention on Exit Strategies, and what we can do to help our clients develop solid strategies that help them to exit their companies successfully, on their terms, and achieving their goals.
According to BusinessDictionary.Com, a strategy is “a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem.” Every organization (business, military, sports, non-profit) has a desired future and problems that need resolution, both short and long term. Therefore, every organization that is to achieve their future goals and resolve major problems must create and execute a solid strategy. I believe there are at least three reasons why a strategy is an absolute necessity.
- It forces thinking – In this world of so many distractions and instantaneous information it becomes very difficult to isolate oneself for serious thought and meditation. However, deep thought and study is the price to be paid in order to develop a great strategy. Deep thinking is hard work, and we will go to great lengths in order to avoid it. But it is still true that an individual becomes what they think about and an organization becomes what its leaders think about.
- It requires discipline – An excellent strategy does not result from a shoot from the hip, lackadaisical attitude. Instead, a solid strategy requires focus and time. Only disciplined organizations will set aside blocks of time to develop a strategy.
- It establishes priorities– Not everything that needs to be done can be achieved at the same time. But everything of importance can be achieved if each one is done in order of priority and those priorities are set during the strategy process.
Future articles will discuss some of the key elements in developing a successful exit strategy.