We all know it makes good business sense to have succession plans. Even if you have no intention of retiring or selling yet, a business with a robust structure and clear chains of command will withstand a variety of challenges thrown at it.
It means having the right people in the right places with the right training and support… but right now you have more pressing things to do, right?
Well, yes…
BUT WHAT ARE THE POSSIBLE CONSEQUENCES IF YOU LEAVE IT TOO LATE?
Your successor does not feel ready –if your successor is not prepared to take over a key role, it can lead to decreased productivity as they try to learn on the job or struggle to manage the responsibilities of the role.
Disruption to business operations – succession planning involves identifying and developing potential leaders and ensuring that they have the necessary skills and experience to take over key roles. Leaving this too late could result in disruption to your business operations and the team try to fit into the new structural requirements.
Loss of knowledge – you run the risk of losing essential skills and experience if you leave identifying and developing potential successors too late. It could result in an unrealistic expectation, creating pressure and crammed learning, which could lead to the need to extend your handover deadline.
Decreased morale – your employees may feel uncertain and anxious about their future with the business if there is no succession plan in place. This can lead to decreased morale and engagement, which can ultimately affect the bottom line.
Talent gaps – you risk losing talented employees who are crucial to success. This can lead to gaps in leadership, expertise, and knowledge, which can be difficult to fill.
Increased costs – you may need to spend more money on recruiting and training new talent, as well as onboarding and integrating new leaders into the team.
SO HOW DO YOU GET STARTED WITH SUCCESSION PLANNING?
Define the role and responsibilities – this includes identifying the key skills, knowledge, and experience required. Along with practical skills, remember to include the softer skills of communication and leadership, these should not be overlooked, as they are imperative for success in the role
Identify a successor – this involves identifying and assessing individuals within your business who have the potential to fill this role in the future.
Develop your successor – it is important to develop their skills and experience to prepare them for the role. This may involve providing training, mentoring, coaching, and other development opportunities.
Create a succession plan – as well as identifying and developing your successor, there should be a timeline for transitioning to the new role. This should include a clear plan for communication with stakeholders, such as employees and investors.
Monitor progress – it’s an ongoing process, and it is important to monitor the progress of your successor regularly, ensuring that they are on track to meet the requirements of the role.
Involve your directors and management team in succession planning – this ensures that everyone is aligned on the business leadership continuity plans and helps to minimise any potential disruptions during the transition. It also will give everyone the opportunity to consider their own career progression and succession planning as part of the bigger picture.
HOW WORKING WITH A GROWTH CONSULTANT AND LEADERSHIP COACH CAN SUPPORT YOU?
Well, that’s where we come in. Whilst we support you to work on the strategy and structure required, we also work with you, the other directors, and the management team to equip you with the tools of the trade for leadership, decision making, accountability and delivering the results.
And yes, it’s a journey, but it doesn’t have to be hard. As your teams grow in confidence, responsibility and accountability; so, you grow in confidence and trust; and the business flourishes through better cohesion, decision making and efficiency; delivering great results and new opportunities.
How can Growth Plans support you?
How can Growth Plans support your successor?
How can growth plans support your board and/or management team
REMEMBER, TOMORROW NEVER COMES, SO CONTACT US TODAY!
You may wish to find out about how Growth Plans Ltd executive coaching; leadership away days and Leadership Boards® can ensure your business succession plans get over the line.
If so, contact Liz Whitfield to see if she is right for you and you are right for Growth Plans®. [email protected]
