It’s that time of year once again. There are concepts coming in, bills getting paid, promotions coming together, etc. Any of the above is overwhelming, and we know we should move forward with speed and ease. However, if you have not stepped into your plans in any depth thus far and are thinking about them, maybe it’s not a priority. The concept of a Succession Plan involves two phases, the start and the finish.
As a business reaches certain critical limits, we as the owners/partners/founders take the time to recognize our eventual departure and begin planning for that. The big picture would involve a review of your goals for the next 3 to 5 years, and determining a step-by-step method for who will be taking over what tasks. The idea of the a Succession Plan is that each group is identified and determined to perform that task.
Ultimately it is common for new employees to be hired as the business is growing, and it is rare for a business to be the size to justify a formal exit plan. However, many times business owners evaluate the value of the business and recognize that the value should have a particular Likewise, to protect themselves from potential buyers they need to act outside the norm by the use of a Succession Plan.
When a small business owner thinks about the concept of a Succession Plan, the plan is more long term and focused on a certain period of time, you will want to know why you have not considered taking this outlook even further. If you haven’t developed a plan for your business growing and maintaining its momentum, you may be deterred from taking your own steps for the staffers when it is time to set their roles or positions.
For most businesses, there will be specific stages of growth, where you begin to develop or acquire new customers. While it is true that acquiring new customers is what the initial Succession Plan was meant to overcome, there have to be milestones or checkpoints where the business owner will evaluate the tasks required to accomplish the Succession Plan with the goal of continual improvement.
When a business is an established entity, we the owner and staff members move to the next stage of growth. During this process new tasks of executing our plan, even with today’s limited time, is given to staff members. Often times, we can move further away from our original objective and mission, which could help us move to the next stage of growth. Both this and the interviewer may be treated as time out instead of an impending deadline.
There are opportunities for growth and improvement, and a good CEO and his/her management team need to be involved. This and any other development plan needs to be commonly discussed. In the end, it is common for a few people to find themselves as subcontractors or employees. Allow employees to go through some wins and losses. Have an open door so that your staff not only gets the support they need, but management also notices their pliances. Make the process an exciting adventure and not a thing to dread.When we calculate a Sports Team, coaches are at the top of the list. Finding your replacements can be no different. The same holds true and is the same for a Business. This can asbestos as a tight rope with Sugar ammo NEWesters grand takeover, adding a new product that may require a new staff member, putting in a team building service at your business, or just taking on a few fun training projects of your own.
Completing a Succession Plan is a necessary step for success, and some are more proactive than others.