Succession planning
When you own a business, it's not just today's successes that will concern you. You'll also be thinking about how you can sustain success over the long term - including when you're no longer involved day to day.
For that, you’ll need a succession plan. In a nutshell, this sets out the process of identifying talented members of your team who you’d trust with the reins of the business. And if they’re not ready now, the leadership development that’s needed to get them there. A solid succession plan will help a smooth transition of leadership when the time comes and the prospect of sustained profitability.
In order to create an effective succession plan, You should first identify your potential candidates. You can then assess their capability and work with them on a development plan, including overall objectives and tools to assess how they’re doing. There’s a variety of methods you can incorporate, including mentorship, external leadership development courses and on-the-job experience.
By investing in the development of your key people, you can create a talent pool to draw on when leadership positions become available.
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