Succession Planning: Is your business secured?

Succession planning is a strategic process that involves identifying and developing potential leaders within. For example, as the CEO of the company, succession planning will help you identify who will be the next leader, incase you have to step down or life happens.

It is having a future, foul-proof plan for key positions in your business in case of changes or emergencies. Changes could be previous officials stepping down, relocating, or changes in personal values and vision that alters their career path and also emergencies like accident and death.

Why is Succession Planning Important?

Business continuity: It ensures business continuity during uncertain periods and inevitable emergencies. Anything can happen at any time, for example, change in career and relocation of key members, misaligned visions and ideas, sickness and even death.

It foul proofs your business during uncertain times: For example, when Apple lost Steve Job, Apple continued to thrive. This was because Steve was intentional about his succession planning and the relations he built with Tim Cook, who took over as CEO when he died.

It also provides a plan for career growth for your employees, which is crucial in retaining your valuable talents.

Key Take Aways

Start early: The earlier, the better as it takes time to groom thought leaders and while we hope for the best, we always have to stay prepared for the worst.

Train your team: A lot of founders get frustrated with their team, but the truth is you need to constantly train your employees. It is easy to get lost in the day-to-day task of the organization, and some employees might forget to upskill. You have to provide training and support for professional and personal development.

Share your vision: The thought of handing the reigns to someone else can be hard to accept, but the reality is that no leader lasts forever. Your organization’s mission and vision must therefore be ingrained throughout the entire management team, particularly among prospective leaders.

Do you have a succession plan in place? If you don’t have one yet, you should consider having one in place.

Article by Abimbola Alaka .