Succession planning is
a vital part of any business, no matter how certain its future
appears. You may think that you don't need it when everything seems
to be going well, but what about if your top employees left your
company tomorrow to join a competitor or a member of your senior
management team decides to start his/her own business. Before you
find yourself in that situation you should create a succession
planning for your business. Below are few more reasons to get
you convinced.
1. Disasters can't
be planned
Regardless of how good
you and your staff are at economic predictions or revenue
projections, the fact is: no one can really plan for disaster.
Whether it's an unforeseen illness, a decision of an important member
to suddenly retire, or a natural disaster, the reasons for having a
succession plan are various. So, although you can't plan for
disaster, a succession planning will help you keep your
company afloat in case a catastrophe happens.
2. Instant benefits
for your business
Like business
practices, succession planning has also evolved over the years and is
no longer a plan that you can access only when leadership is about to
change. Modern succession plans can be used before it is 'really'
necessary. Today, you can use your plan to force executives to review
and examine your company's current goals, build a strong leadership,
or help your business survive the daily changed in the marketplace.
3. Help sustain
income and support expenses
As you may know, people
don't usually work for free and things don't get paid for themselves.
So, talking about money should be a priority of your business. A
succession plan will provide you answers as to what you will need for
future income and what kinds of expenses you may have in case you
step out of the main leadership role.
4. Provides you with
a better picture of your business
A mistake that many
companies do is focusing solely on replacing high-level executives. A
good succession planning will push you further to examine all levels
of employees you need. The individuals who do the daily work and the
ones who keep the business going. Avoiding to have the right personal
can lead serious consequences for your business.
5. Allow your
colleagues a voice
When it comes to family
business, a succession planning gives family members a chance to
express their needs and concerns. That will also lead to
organization, which is an essential factor for successful planning.
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