Succession Planning for Business - 10 Key Points You Must Know

By cranking up others development to meet your business needs, big or small, not just for right now, but for the future, you will find payoffs, big-time. Here are a few ideas to get you started.

  • Building Relationships
    By ensuring that you have informally built good relationships with every one of your team, you will have a head start when developing the intelligence needed for effective succession planning. This is not just about the business, it is about aligning with whatever is important to each individual and showing an interest in them.

  • Create a Vision
    Clearly understanding what 'good looks like' is the first stage of planning for the future. Taking the time out to develop this is well worth the effort and provides a marker against which all decisions, people or otherwise are made. If possible, involve as wide a range of people in this activity.

  • Right People, Right Place, Right Time - Ignore Names
    Once you have your vision, deciding who is need, when and where becomes easier. It important that you focus on the facts rather than the emotion first, so that you ignore individuals in this assessment. You can fit people in afterwards, as long as they will have the capability to deliver your vision for your business. Some may be a work towards.

  • Consistent Performance
    By considering your key people, their aspirations and expectations for the future, you will gain an insight of where your gaps might come and then you can start planning to avoid problems. This will enable you to provide for anticipated change and start developing others to cover at least. This also helps when changes happen unexpectedly.

  • Confidence Grows
    As individuals are involved in the possibilities for their future, without over-promising, they start to want more. They appreciate learning and developing as they see what might unfold for them. As they learn and experience more, their confidence builds and they want stretching.

  • It's Cultural
    As your communication processes involve everyone in Succession Planning, a groundswell of positivity generates a shift in your business culture. Your people start to realise that there is more to this than a job ? it's building their feelings of self worth and future. This culture becomes just 'the way we do things around here' and new employees commence at a higher, different level.

  • Many Winners
    As you start to build the capacity of those around you, there is a lot that can be delegated safely as a development opportunity, suitably supported and coached. You crate space to do the more important things in your role. They develop and build confidence. With confidence comes improved customer relationships, greater efficiencies. So managers, employees, the business and ultimately stockholders all are winners.

  • Time Efficient
    There is a certain amount of workload involved in creating a Succession Planning process. Once these initial stages are completed, only a small amount of time outside normal activities is required. In fact, with the added skills and development of your people, far greater efficiency and effectiveness results.

  • Manages Performance
    Using a Succession planning process sits very appropriately with Performance Management. As potential has been identified, the next steps in development are constructive and clear. The individual takes accountability for their own development and practically self-manages their performance.

  • Value-Creating
    By using management skills far more effectively, skilling up all the people in the business and creating seamless transitions when people move on, all improve business performance. Developing the latent potential of many of your people raises the bar for their performance ? it is just shifted up several notches. And ultimately with greater sales and efficiency, bottom line profit is maximised.

    And with these ideas in place, you will create more effectiveness and involvement in your people - which can only be good.

    Copyright 2005

    Martin Haworth is a Business and Management Coach. He works worldwide, mainly by phone, with small business owners, managers and corporate leaders. He has hundreds of hints, tips and ideas at his website, http://www.coaching-businesses-to-success.com.

    (Note to editors. Feel free to use this article, wherever you think it might be of value - it would be good if you could include a live link) ...helping you, to help your people, to help your business grow...

    disinfecting cleaning services Arlington Heights ..
    In The News:

    ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.
    Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.
    Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.
    Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.
    Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.
    Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.
    Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.
    Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.
    Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.
    New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.
    A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.
    AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.
    A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.
    New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.
    The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.
    Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.
    Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.
    Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.
    Researchers exploited WhatsApp's API vulnerability to scrape 3.5 billion phone numbers. Learn how this massive data breach happened and protect yourself.
    Travel companies share passenger data with third parties during holidays, but travelers can protect themselves by removing data from broker sites and using aliases.
    Xpeng's humanoid robot moves so realistically that crowds believed it was fake, marking a major advancement in robotics technology ahead of 2026 commercial launch.
    Researchers discover phishing scam using invisible characters to evade email security, with protection tips including password managers and two-factor authentication.
    iPhone and Android users can reduce battery drain and data usage by restricting Background App Refresh to Wi-Fi connections instead of mobile networks.
    Scammers nearly stole an Apple account by exploiting the support system with authentic-looking tickets and phone calls, users can protect themselves with safety steps.
    FoloToy restored sales of its AI teddy bear Kumma after a weeklong suspension following safety group findings of risky and inappropriate responses to children.
  • Abstract thought on Business Strategy and Nature

    Here is an abstract thought on studying nature and the... Read More

    Strategic Acquisition Strategies for Small Businesses

    Growth through acquisition should not be considered an option reserved... Read More

    Titanic Precautions

    Many movies have been made about the tragic story of... Read More

    Strategic Planning and Total Quality Management

    No matter what product or service you provide you will... Read More

    2 Simple Steps Before Starting Your Business

    There is so much small business information available today that... Read More

    Is Your Company Growing Fast Enough for You?

    Are you frustrated by the lack of growth in your... Read More

    City of Cortez and South Western Colorado Market Survey

    We have been spending many hours surveying the market for... Read More

    The 7 Critical Steps to Formulating Your Annual Strategic Business Plan

    Businesses tend to avoid doing their annual business plan thinking... Read More

    Three Steps to Give Your Strategic Plan Traction

    We all agree Strategic Planning is a critical part of... Read More

    Business Ideas: 3 Smart Ways To Generate Profitable Business Ideas Anytime

    Creativity is one of the greatest tools for success in... Read More

    Online Promotion: 10 Ways To Use Focus Groups To Ignite Your Profits

    A focus group is a group of employees or current... Read More

    Family and Friends Referrals Make the Best Franchisees

    As a franchisor it is imperative that you seek, find... Read More

    Consolidation in the Software Industry is Hardly New: Obsess About It or Risk Losing it All

    Some analysts credit [Larry] Ellison with anticipating the consolidation in... Read More

    Expanding your business in a franchise system

    If you are a successful franchise of a large franchise... Read More

    Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)

    One of the key challenges for any business is to... Read More

    Microsoft Great Plains Implementation: Healthcare/Hospital example ? overview for consultant

    Microsoft Great Plains fits multiple services market niche and healthcare... Read More

    Dotcom Business Plans Archive Project

    One of the most important initiatives in the domain of... Read More

    8 Ways to Earn More Without Working Harder

    Conventional wisdom has it that there are only three ways... Read More

    Communication Strategy During A Time Of Strategic Planning

    "Rubbish!" shouted the large, aggressive man in the red-striped shirt... Read More

    To Go or No Go, That Is The Question

    Last week we talked about a few of the ways... Read More

    Innovate Today for Great Leaps Forward Tomorrow

    How often does your company make a quantum leap forward?... Read More

    How Good Is a Business Plan To Your Business?

    You know you need a business plan. You probably realize... Read More

    Urban Flight in Ohio

    Many of Ohio's downtown areas are in need of upgrading... Read More

    Why 9 in 10 Businesses are Overspending on Day-to-day Expenses

    Experts estimate that 90 percent of Australian businesses are overspending... Read More

    Scheduling of Additional Auto Detailing or Mobile Car Wash Units

    If you own a mobile car wash business or auto... Read More

    bathroom cleaning service Mundelein ..