Succession Planning for Your Business - 7 Key Benefits

By Martin Haworth

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).