Business Succession Planning
One thing that can certainly cripple a company is the loss of valuable leadership. For this reason it is vital that every business, no matter what size, has a business succession plan. Business succession planning is preparing successors to take on vital leadership roles when the need arises and it is essential to the long-term survival of a company.
Most businesses plan for expected absences of key people, but it is the unexpected absences that can cripple the company. There is a difference between business succession planning and merely planning for replacement staff.
Business Succession Planning involves :
- Developing or revisiting your Mission Statement
- Identify the business's strengths
- Identifying the business's weaknesses
- Identifying any opportunities
- Identifying any threats
How you prepare people to take on leadership responsibilities so that the business continues to thrive during the transition is equally as important as ensuring that the right person is selected for the job. This person might be already be part of the business or someone else in your talent pool.
Does your business have a business succession plan?