What is Succession Planning?
Succession planning is all about preparing for the inevitable and the unexpected. It is the means by which companies sustain themselves and maintain continuity when key people leave because of retirement, new opportunities, illness or they pass away. Succession planning is the process by which you identify and prepare key individuals to replace leaders in your organisation when the time comes.
Without a succession plan, you are opening up your business to unnecessary but easily avoidable risk. Today's business environment is more dynamic than it has ever been. Key people leave for fresh pastures or have to be replaced, and most people switch jobs or even careers several times during their working lives. Without a succession plan in place, companies put their survival in danger.
Why is Succession Planning Important?
Finding the right people to fill critical roles is one of the most significant challenges faced by business leaders. They know this, and it may keep them up at night, but many don't make preparations for their exit. Some are too caught up in the challenges of the present; others don't want to consider what life will be like when they're not around, or they assume things will just work themselves out naturally. There isn't a single good reason to overlook the issue. It won't go away.
Take a moment to consider your key personnel: the CEO, the COO, the general manager, and so on. Think about what they do for your business and how fundamental they are to its success then imagine what would happen if all of a sudden, they weren't there.
Could your company survive?
Many companies haven't the vaguest clue about what to do next. If you are serious about the future of your business, you need to plan for it, and that means preparing for the expected and the unexpected. Unless you are ready, everything you worked so hard to create could crumble.
Succession planning is all about preparing for the inevitable and the unexpected. It is the means by which companies sustain themselves and maintain continuity when key people leave because of retirement, new opportunities, illness or they pass away. Succession planning is the process by which you identify and prepare key individuals to replace leaders in your organisation when the time comes.
Without a succession plan, you are opening up your business to unnecessary but easily avoidable risk. Today's business environment is more dynamic than it has ever been. Key people leave for fresh pastures or have to be replaced, and most people switch jobs or even careers several times during their working lives. Without a succession plan in place, companies put their survival in danger.
Why is Succession Planning Important?
Finding the right people to fill critical roles is one of the most significant challenges faced by business leaders. They know this, and it may keep them up at night, but many don't make preparations for their exit. Some are too caught up in the challenges of the present; others don't want to consider what life will be like when they're not around, or they assume things will just work themselves out naturally. There isn't a single good reason to overlook the issue. It won't go away.
Take a moment to consider your key personnel: the CEO, the COO, the general manager, and so on. Think about what they do for your business and how fundamental they are to its success then imagine what would happen if all of a sudden, they weren't there.
Could your company survive?
Many companies haven't the vaguest clue about what to do next. If you are serious about the future of your business, you need to plan for it, and that means preparing for the expected and the unexpected. Unless you are ready, everything you worked so hard to create could crumble.
Read less
