Succession Planning for Your Business - 7 Key Benefits

A core activity in many successful businesses, Succession Planning is simple and quick to implement - here are seven reasons why you will find it of great value in your business or organisation. But, you need to lead - it works only as well as the support it gets!

• Time

  Succession Planning creates capable people. Capable of taking the weight from management, to ensure they don't have to do it all. This is hugely relieving for a manager and means that they can focus on bigger picture issues. Time is also saved from the manic fire-fighting that happens when key people leave. This stops.

• Confidence

  With Succession Planning helping to create a healthy business future, managers can build a level of security into how they do their job. This means that they can try out new things to build their business. Safe in the knowledge that they will have the right people in place at the right time, their confidence swells and they become far 'bigger' people in themselves.

• Reward

  Both financial and emotional. Performance usually generates improved earnings, since that is the way many businesses reward their people. But there is more to it than that. It is more fulfilling to be rewarded by the emotional return, gained by using Succession Planning to create a brilliant team. It is personally extremely satisfying. This has positive knock-ons into other areas of a manager's well being too.

• Recognition

  Particularly in bigger organisations, making a difference above and beyond the call of duty gets seen to be a valuable quality. Being seen to deliver exemplary standards through their employees is notable. It's easy to feel a cheat here! Succession Planning facilitates the delivery of excellent performance ? which others notice and may even ask how. This does no harm at all.

• Prospecting

  With a plan in place a manager can become more aware of possibilities. Potential candidates will appear and can be recruited to fit later gaps. New skills in existing employees will show through. The awareness of what is going to be required helps the process.

• Preparation

  As the process unfolds, gaps and opportunities will appear. This is well in advance of requirement. So managers can take steps to create development. This pro-activity is of vital importance and enables much smoother transitions in the future.

• Testing

  As potential key employees start to fill the spaces in the future plan, opportunities arise where individuals can be tested; tried out. This is an excellent chance for both sides to analyse how new challenges are absorbed. It provides a chance to develop on-the-job experiences, which whilst stretching, also benefit from support and coaching. This reduces the risk of overwhelm.

Worth a little time investment? And once Succession Planning is up and running, you will be amazed at the level of attraction it presents in your business.

Martin Haworth is a Business and Management Coach. He works worldwide with business owners and corporate leaders. He is the author of the Succession Planning Toolkit. Checkout the complimentary 7-day E-course! (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).

---

3 Keys to Being a Fearless Executive

In my work with business executives, I have come to... Read More

Recruitment - Pick People Who Think

Old style management doesn't encourage personal mind control, employees aren't... Read More

What Your Employees Want You to Know (But You Might Be Afraid to Ask)

This is a challenge for every company owner and manager.... Read More

Having Your Phil

February 2nd, at approximately 7:30 a.m. local time on Gobbler's... Read More

Gossip And Rumors And Hearsay, Oh Why?

In the Wizard of Oz, it was "Lions and tigers... Read More

Knowing versus Doing - Execution In The Workplace

Have you ever worked with someone who always seemed to... Read More

Using the Six-Sigma Methodology to Improve Wafer Fab Productivity

As a result of consolidation of operations and significantly increased... Read More

Innovation Management: The Hype Cycle

Creativity can be defined as problem identification and idea generation... Read More

Four Steps to Better Performance Reviews

Direct reports-people who need direction and leadership-rely on their leaders... Read More

Choices in Appointing International Managers

Globalization is requiring companies to make important choices about how... Read More

How Businesses Can Stop Wallowing in Bad Debt and Prevent It in the Future

"Become the Squeaky Wheel", a new book just published, explains... Read More

How to get an Audiences Attention

A trainer dryly discussing how to motivate people in an... Read More

Mantra for Managers

What do organizations look for in a prospective employee with... Read More

How to Reduce Temporary Employee Turnover

The use of temporary services to stock a farm of... Read More

Communicating with Case Studies

A few weeks ago, a couple of colleagues and I... Read More

Why Do Managers Create Low Morale? Or Does My Bum Look Big In This?

Why do managers create low morale as a product of... Read More

Why I always Keep my Promises

Integrity is very important to me, and I try hard... Read More

Creativity and Innovation Management ? Money Doesnt Do It

Creativity can be defined as problem identification and idea generation... Read More

Invoice Factoring for Goverment Vendors

Assignment of Claims Act of 1986"....What does this mean for... Read More

Todays Employees and Their New Needs: What You Need to Know

Today's employees are not only interested in security or in... Read More

Cultural Awareness - an HR Perspective

The use of cultural awareness training has increased rapidly in... Read More

Strategic Outsourcing: Testing the Outsourcing Waters and Staying Afloat

Before Gertrude Ederle began her historic swim off of Cape... Read More

Tales from the Corporate Frontlines: Coworker and Caretaker

This article relates to the Coworkers competency, commonly evaluated in... Read More

The Seven Cs: Partnership Danger Signs - Conflict Becoming the Norm ? Part 1

A series of articles exploring the seven critical areas that... Read More

Problem-Solving Success Tip: Look For Sponsors And Solution Owners

Look for sponsors and solution owners rather than problem owners.Everyone... Read More

Good Idea Generation ? A Process

It seems incongruous that good idea generation can be a... Read More

Sexual Harassment Policy Guidelines Part II

SEXUAL HARASSMENT COMPLAINT INVESTIGATION PROCEDUREEvery complaint will be thoroughly investigated.... Read More

The Fairness of Office Politics... Integrity and Political Motivation!

I hear many complaints daily about the "unfairness" of politics... Read More

Customer Focus - Just 5 SimpleThings You Need to Think About

You can boil down the difference between successful businesses and... Read More

Innovation Management ? Eliciting Dominant Ideas

Creativity can be defined as problem identification and idea generation... Read More

Making Powerful Requests That Launch People Into Action

Do you ever wonder why people do not simply do... Read More

Managing Employees Is A Little Like Herding Cats

Q: I started my small business about a year ago... Read More

Why Businesses Fail - And What You Can Do About It!

Have you unintentionally set your business up for failure?No one... Read More