You can think of your business like a puzzle. The pieces of your puzzle are your vision, mission statement, and your organizational chart. How well those pieces fit together is in huge part how effective your succession planning is. One of the most common responses I get to that statement is, “I don’t have time to do succession planning.” My response is:
You do not have time NOT to do succession planning.
Success of your business depends on having the right people as well as having a plan for the possibility of key players moving on. “Succession planning” is a process for identifying and developing internal people with the potential to fill key leadership positions in the company.
Four reasons you need a plan:
- There will be planned and unplanned losses of key leaders. How will your business continue to run without those key players? I recommend that you start with an analysis of positions that if left vacant would not allow you to meet your business needs.
- Effective succession plans help you develop talent. Having the right people, with the right skills, in the right positions is paramount to sustaining an organization’s growth and success. Identifying key positions and the talent needed to meet goals should be top of mind for every business leader. Equally important is the process of developing and advancing employees in the succession pipeline.
- To ensure that the top management team is on board and directing the plan. A succession plan is only successful if it comes from the top. Make managers part of the process. The individuals identified in the plan will eventually be responsible for ensuring the company is able to get through future challenges.
- A poor succession plan will lead to poor decisions, disharmony and ultimately poor company performance.
Do you need help with Succession Planning?
Laser Focus Coaching can help! We have the tools, experience, and certification to create an effective succession plan with you. Wether you are buying a new company, moving teams around, or hiring new talent, we can help you plan for future success. Sandy Bonney is a certified Personality Profile Analyst (DISC) and is GIA certifiied. We’ve talked a lot about the power of DISC, but are you familiar with GIA? If not, General Intelligence Assessment measures a person’s mental horsepower and gives you a prediction of their potential to grasp a new role or respond to training by answering questions such as – can they think on their feet? Could they be a high flyer? Are they problem solvers? By understanding how quickly your candidates can learn and retain new skills and procedures, you will have a reliable prediction of their potential to grasp or develop into a new role. You’ll also get an indication of how well they’ll respond to training. You can imagine how valuable this would be to your business during success planning.
If you do not have a plan, what are you waiting for?