Why you shouldn’t shoot yourself in the foot and skip making an exit plan for your company
You wouldn’t shoot yourself in the foot on purpose, right? Well, that is exactly what you would be doing if you put together your exit plan for a software company without including a strong technology partner. Let me explain how this is similar.
An exit plan is a laid out ahead of time idea for what to do when it is time to remove yourself from a business venture. This is an important step in business planning as a guide for what you, and investors, can realistically expect from your venture, and what will happen if this does not work out. For a software company, having a strong technology partner that can pick up where you leave off, can prevent having to completely dissolve your venture, or leave it in the very best of hands.
Here’s why. A strong technology partner is one that has proven itself as a technology advisor, has strong similar experience. They can expand your product and service using the vision you had st initially and modify it as new technology comes available. Outsourced product development might be a great option that you may choose to look at while finding this technology partner.
Outsourced product development is a cost effective way to minimize overhead, and should be included as an option for an exit strategy. Investigate the options with potential technology partners to see what options are available and build your plan around the partner that fits your needs best, should you need them.
When investigating potential technology partners, learn about their technology product engineering strategies, how they work, and how they could integrate and use their products or services with yours. Knowing this ahead of time will show investors that you are serious, know what you are doing, and even if things go wrong, you have a plan.
Not having this plan in place, and not including a technology partner that is known for it’s technology product engineering, will prevent you from knowing how, or even when, to get out of a bad situation with the best outcome. You could lose everything and miss a very important opportunity to grow your business, or at least save some part of it, by not taking the time to investigate, learn, and plan ahead.
You value your foot, and will take all necessary precautions to avoid injuring it. You need to do the same for your software company. It takes a little time and effort to research and find the best options, but in the end, it’s worth it. You won’t have a hole in your foot, or your business.