The majority of small business owners plan to leave their company within 10 years, and cloud software for small business reorganization can make this transition more successful for employees, customers and other stakeholders.
Small businesses represent a critical part of the American economy, yet many SMB owners are rapidly approaching retirement and now is the time for them to start thinking about an exit strategy.
About one-third of small business owners plan to leave their business within the next five years and 60 percent say they will leave within the next 10, according to research from Securian Financial Group, a leading financial services firm.
Many of these owners are bogged down in the day to day operation of the business and have yet to develop an exit strategy, according to the study.
“With no exit plan, the small business owner not only risks the future of the firm but also its ability to generate income for the founder.” said Andrew O’Brien, director, Client Solutions, Securian Financial Group. “More than half of the people we talked to plan to sell their businesses, either to a partner, key employee or third party. An exit plan helps the founder lay the ground work for a successful sale.”
Buy implementing software for small business reorganization now, business owners will be able to free up their time with automation and workflows to remove redundant processes. When deployed in the cloud, the software will also help business owners save on implementation costs and see additional time savings thanks to anytime, anywhere access that allows them to work from home and on the road.
With the added free time business owners will have more space to develop their exit strategy. What’s more, the analytical insights into business performance and market insights will help them develop a business framework to assure the continued success of the company after their departure.
By standardizing processes and building in automation with software, reorganization of a small business will go more smoothly. Removing redundancies and improving upon efficiency and performance will also help business owners get better prices when the time comes to sell.
Learn more about a simple to use software solution for small business in the cloud or take a test drive today.