Exit Strategies

Things stop working. Your TV for instance. That’s when we move on and buy a new one. Similarly in business, products/services stop working. Not everyone can be a Coca Cola, living off the success of a single, unchanged concept for decades.

Products/services come to an end for a multitude of reasons. Most common ones include:

• Consumers don’t buy them anymore leading to losses
• Margins have been cut due to competition
• Companies divesting in a certain product/service
• Substitute products/services have entered the market

Whatever the reason for the end of a product’s lifecycle is, have you thought ahead? Do you have in mind what to do once that moment comes?

Some questions to bear in mind are when considering future options are:

• What would you want to do? Put motivation behind the direction you’d like to take.
• What would your customers want you to do? Think about your target audience, your value proposition and your business model.
• What can you do? Choose a direction that emphasizes your strengths and competences.

Think ahead. Stay ahead.