Succession plans shouldn’t be put in place when you need to replace a key member of your organization, but instead should be proactive measures you can take to ensure your company is never caught off guard or unprepared if something unexpected happens.
As a business coach, I work with many companies and some have very detailed succession plans in place while others have none. It’s my job to help these companies reach their goals, and in many cases this involves assisting them in ensuring the future of their businesses are secure, which is why succession planning is so important.
There are a few important items to remember when creating a succession plan, and below I will detail a few aspects of my succession planning services I go through with my clients. Hopefully this will help you ensure you are planning correctly, and give you a better idea of how a business coach can help if you need assistance.
Identify Key Company Roles
A succession plan should be in place not only for owners and top executives, but any person in the company who plays a vital role in its success. By identifying the people who have the largest impact on your bottom line, their responsibilities and the things they excel at, you can begin to understand your priorities when determining who their replacements could be in the event they leave the company or are promoted. These key roles look different for every company and there is no cookie cutter list I can provide, but I always sit down with my clients and help them determine which roles are vital to their company’s operations.
Search for Potential
It should be noted a succession plan doesn’t always involve promotion from within, but if you’re constantly planning for the future then you should be doing everything you can to help people get ready in the event a key position opens up. Since this is the case, it’s important to identify the people at lower levels of your company who show most or all of the following traits: passion for the business, intelligence, coachability, positive work ethic, leadership ability and other key metrics for your company’s success.
Develop Talented Individuals
If you notice people with potential, it’s a good idea to gauge their interest in a future with the company and learn about their long term goals. If these talented individuals are open to working with you for the long haul, show them you are committed to helping them succeed by helping them become more well-rounded businesspeople. By providing them with training, educational opportunities and a road map to advancement, you are securing their buy-in and playing an important role in your succession plan. Some clients worry they will leave after you develop them, and they might, but the bigger danger is having no talented people because you didn’t help them grow.
If you want to be proactive and plan for the future with the help of a proven business expert, give me a call today to learn more about my coaching services.
