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 are you telling yourself you have more pressing things to do?
Yes… • It’s going to take time • The day job is all consuming • You’re managing OK for now • You’re not ready to let go
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.
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.
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.
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.
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 as the team try to fit into the new structural requirements.
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 all directors and the leadership 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.
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 leadership 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, your confidence in them grows; and the business flourishes through better cohesion, decision making and efficiency; delivering great results and new opportunities.
For you - dedicated time out to focus on succession planning
For your Successor - support through the transition and gain fresh thinking
For you – to better understand your values, triggers and what is important to you and then identify how to set you up for success
For your successor – creating more self-awareness; identifying strengths and weaknesses; learning more about personal impact and discovering how to better adapt to others
For you – your own sounding board for working through challenges and gaining new ideas and perspectives
For your successor – to garner outside perspectives and learn from others, without having to leave the organisation
