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...

    tidy up service Glenview ..
    In The News:

    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.
    Threat intelligence firm Synthient uncovers one of the largest password exposures ever, prompting immediate security recommendations.
    Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.
    Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.
    Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.
    Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.
    The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.
    Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.
    New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.
  • Strategic Planning and Total Quality Management

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

    Dayton, OH; Why your Company needs to expand there

    In Ohio: besides the 3-Cs you should look at Akron,... Read More

    SWOT Analysis

    If you've ever listened to Warren Buffett talk about investing,... Read More

    What is Your MSP?

    For many consumers and producers, MSP is an acronym for... Read More

    Executive Summary for Business Plans of Franchisees

    Writing a business plan for a franchised outlet of a... Read More

    Designing an Efficient Distribution System

    Let us look at a few of the big distribution... Read More

    Strategic Acquisition Strategies for Small Businesses

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

    For Business Owners Only - You Can?t Be Fired But Neither Can You Quit

    The decision to sell, or not to sell your business... Read More

    Business Plan 101 How to Write a Table of Contents

    No matter what business you plan to start in your... Read More

    Sample Business Plan Outline

    If you are looking for a partner, funding, angle investor... Read More

    The Top Five Reasons Strategic Plans Fail

    "Most great plans aren't. They are just nice, high-level ideas."That's... Read More

    Strategy Without Tactics is Futile

    From time to time there seems to be a flurry... Read More

    Home Improvement Construction Project Planning

    The first task before hiring a contractor for home remodeling... Read More

    The Chasm of Change---- Restructuring ----- The Goliath

    Richard L. Daft one of the country's recognized academic leadership... Read More

    Are You Ready To Go International?

    Although North Americans were the dominant population on the Internet,... Read More

    Questions to Ask Yourself When Starting a New Home Business

    I love the excitement of starting up a new home... Read More

    Three Steps to Give Your Strategic Plan Traction

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

    Fail to plan... or Plan to FAIL??

    Running a business, whether it be an offline multi-billion dollar... Read More

    Content Management: Wise Investment for Business Prosperity

    The time when a website was just a simple set... Read More

    How to Develop a Successful Board of Advisors (...and Why You Should!)

    In today's rapidly changing and highly competitive markets, many privately... Read More

    Alice In Wonderland - A Parable for A Business Plan

    Remember reading "Alice in Wonderland?"She asks the Cheshire Cat, "which... Read More

    Buying Used Detailing Equipment and Rainy Day Services

    Mobile auto detailing equipment becomes very inexpensive around March each... Read More

    Business Disaster? Wont Happen to Me

    As fast as you can say business disaster, your business... Read More

    Business Plans Keep You On The Success Course

    Where would your business be without a proper plan? A... Read More

    The Importance of Value Mix

    ( * - the word 'product' can be substituted to... Read More

    maid service near Winnetka ..