Succession: how to navigate successfully through the years

Updated: Apr 14, 2021

Succession planning is being proactive about the future of your business. It is actively discovering, developing and training the next generation of leaders at every level within your organization, to secure the success, stability, and sustainability of your business.

Planning for succession may seem like a daunting task for SMEs, but it does not have to be that way. With the right information and application, an SME can safely plan for all exigencies.

Here are five ways to kick-start succession planning for your business.

Proactive preparation: It is important to consider all the key roles in your business and:

§ Establish what the daily impact of each role is.

§ Determine what would happen if any of your key members depart from your business.

§ Know the plans you have created to ensure the smooth running of the business after the exit of the key member. If no plan exists, create, and implement one prevent a vacuum.

Prospects: Having identified individuals to fill the vacant role when necessary, it is important not to disregard other promising employees, be flexible and keep honing your team members. There may be other prospect that you have not discovered yet.

Professional development: To ensure that the prospect can fill the position, it is important to be deliberate about proper training and development, so that they have relevant knowledge and understanding of the policies of the company and be prepared to play the role.

Practice: Do not wait for a crisis or vacuum before you test run your prospect. Put them in situations and see how they handle them. Use appropriate simulations to build and develop the right skills.

Personal succession: The most important part of your succession plan should be choosing the person that can succeed you as the next manager of your business. Without properly passing your vision to the right person, the future of the business you laboured so hard and tirelessly to build, will be non-existent.

Succession is key for every successful SME and must be given priority.

If you want to find out more about how succession can help your business, sign up for my webinar: Building a business that lasts for generations. The date is Saturday, 17 April 2021 at 4:00 pm West Central Africa time. Register in advance here.

In preparation for the webinar this weekend, click here to get a FREE Successful Succession Planning Checklist.

If you have not registered for the webinar on BUILDING A BUSINESS THAT LASTS FOR GENERATIONS, then do so here.

I look forward to seeing you there.

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