Succession Planning for Business - 10 Key Points You Must Know

By cranking up others development to meet your business needs, big or small, not just for right now, but for the future, you will find payoffs, big-time. Here are a few ideas to get you started.

  • Building Relationships
    By ensuring that you have informally built good relationships with every one of your team, you will have a head start when developing the intelligence needed for effective succession planning. This is not just about the business, it is about aligning with whatever is important to each individual and showing an interest in them.

  • Create a Vision
    Clearly understanding what 'good looks like' is the first stage of planning for the future. Taking the time out to develop this is well worth the effort and provides a marker against which all decisions, people or otherwise are made. If possible, involve as wide a range of people in this activity.

  • Right People, Right Place, Right Time - Ignore Names
    Once you have your vision, deciding who is need, when and where becomes easier. It important that you focus on the facts rather than the emotion first, so that you ignore individuals in this assessment. You can fit people in afterwards, as long as they will have the capability to deliver your vision for your business. Some may be a work towards.

  • Consistent Performance
    By considering your key people, their aspirations and expectations for the future, you will gain an insight of where your gaps might come and then you can start planning to avoid problems. This will enable you to provide for anticipated change and start developing others to cover at least. This also helps when changes happen unexpectedly.

  • Confidence Grows
    As individuals are involved in the possibilities for their future, without over-promising, they start to want more. They appreciate learning and developing as they see what might unfold for them. As they learn and experience more, their confidence builds and they want stretching.

  • It's Cultural
    As your communication processes involve everyone in Succession Planning, a groundswell of positivity generates a shift in your business culture. Your people start to realise that there is more to this than a job ? it's building their feelings of self worth and future. This culture becomes just 'the way we do things around here' and new employees commence at a higher, different level.

  • Many Winners
    As you start to build the capacity of those around you, there is a lot that can be delegated safely as a development opportunity, suitably supported and coached. You crate space to do the more important things in your role. They develop and build confidence. With confidence comes improved customer relationships, greater efficiencies. So managers, employees, the business and ultimately stockholders all are winners.

  • Time Efficient
    There is a certain amount of workload involved in creating a Succession Planning process. Once these initial stages are completed, only a small amount of time outside normal activities is required. In fact, with the added skills and development of your people, far greater efficiency and effectiveness results.

  • Manages Performance
    Using a Succession planning process sits very appropriately with Performance Management. As potential has been identified, the next steps in development are constructive and clear. The individual takes accountability for their own development and practically self-manages their performance.

  • Value-Creating
    By using management skills far more effectively, skilling up all the people in the business and creating seamless transitions when people move on, all improve business performance. Developing the latent potential of many of your people raises the bar for their performance ? it is just shifted up several notches. And ultimately with greater sales and efficiency, bottom line profit is maximised.

    And with these ideas in place, you will create more effectiveness and involvement in your people - which can only be good.

    Copyright 2005

    Martin Haworth is a Business and Management Coach. He works worldwide, mainly by phone, with small business owners, managers and corporate leaders. He has hundreds of hints, tips and ideas at his website, htt p://www.coaching-businesses-to-success.com.

    (Note to editors. Feel free to use this article, wherever you think it might be of value - it would be good if you could include a live link) ...helping you, to help your people, to help your business grow...

    In The News:

    • pen paper and inkwell


    cat break through


    Business Ideas: 3 Smart Ways To Generate Profitable Business Ideas Anytime

    Creativity is one of the greatest tools for success in... Read More

    Urban Flight in Ohio

    Many of Ohio's downtown areas are in need of upgrading... Read More

    How to Grow Your Business by Clearing the Way to Growth

    Is your business growing as fast and effectively as it... Read More

    6 Steps To Laying Out Your Competitive Strategy

    Why do so many companies languish and watch as their... Read More

    Building a Better Brick-and-Mortar with the Billion-Dollar Web

    More than $117 billion passed hands from Internet shoppers to... Read More

    Business Process Methodologies

    I've either been involved with or held a process-related role... Read More

    Business Planning and the ?Bozo? Factor

    "Bozo" ? A clown with a forlorn look, always finding... Read More

    SWOT Analysis

    If you've ever listened to Warren Buffett talk about investing,... Read More

    Leverage - A Small Step For You /A Big Change For Your Career

    Cassy was an employee of a nonprofit who had been... Read More

    Executive Summary for Business Plans of Franchisees

    Writing a business plan for a franchised outlet of a... Read More

    Memo: Sustaining Growth in Your Business

    What gets measured gets done.How do you keep your business... Read More

    Abstract Thought; Business Strategies and Biological Systems

    To stop a computer virus you must understand how it... Read More

    Who is Responsible?

    While writing an article recently on effective ways to bridge... Read More

    For Business Owners Only - You Can?t Be Fired But Neither Can You Quit

    The decision to sell, or not to sell your business... Read More

    Don?t Just Talk About the Weather, Use It to Advantage

    A well known, national chain of restaurants discovered that certain... Read More

    Shortening Product Life Cycle!

    The current state of the available technology at the disposal... Read More

    Water Conservation and Water Issues for Mobile Car Washers and Auto Detailers

    Obviously, there will never be an actual water shortage since... Read More

    Getting Started with Succession Planning: Part I

    GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More

    Business Plan: The Simplest Business Plan Ever

    If you're a solo professional like I am, you know... Read More

    Break-Even Analysis

    A significant advantage of some business ideas is that the... Read More

    Family and Friends Referrals Make the Best Franchisees

    As a franchisor it is imperative that you seek, find... Read More

    Why 9 in 10 Businesses are Overspending on Day-to-day Expenses

    Experts estimate that 90 percent of Australian businesses are overspending... Read More

    Describing Intellectual Property in Your Business Plan

    Most companies that are worthy of raising venture capital have... Read More

    Business Plan Long Term Goals

    Writing a business plan is not an easy endeavor, nor... Read More

    Home Improvement Construction Project Planning

    The first task before hiring a contractor for home remodeling... Read More

    Microsoft Great Plains in Agriculture ? implementation highlights

    In this small article we'll concentrate on farmers associations and... Read More

    Invalid Excuses for Poor Business Results - The Economy

    Note to Rite Aid and CVS: It's not about the... Read More

    How to Develop a Successful Board of Advisors (...and Why You Should!)

    In today's rapidly changing and highly competitive markets, many privately... Read More

    Restaurant Startup - Part 1: Market Research ? What are Potential Competitors Doing?

    The first step in starting a restaurant is proper planning.... Read More

    The Tables Have Turned - Its Officially a Sellers Market

    Private equity firms have raised so much capital over the... Read More

    During the election we heard about Ohio?s Economy

    Much of what we heard in the mass media about... Read More

    Business Plan 101 How to Write a Table of Contents

    No matter what business you plan to start in your... Read More

    The Power of Strategic Thinking: Creating Meaningful Success

    Too much goal setting and strategic planning can leave you... Read More