Have you thought about the future of your business? Succession planning is often overlooked, even though it is so vital to the future and the inevitable changes that will come. It should be a routine process within a business to identify and develop future leaders. Whether you have a family business, small business, or large organisation, here are five steps for successful succession planning.
1. Keep an open mind
The key to successful succession planning is to keep an open mind. Many companies struggle with succession planning because they assume that the highest performing employees will be the best fit for leadership roles, which is not always the case. It’s essential to be flexible, as circumstances can change rapidly, and business priorities can shift.
2. Start the process early
Starting the process early goes hand in hand with keeping an open mind. If you fail to identify potential candidates soon enough, they will not have enough opportunity to develop their leadership potential. Take active steps to identify employees who demonstrate the desire to take on leadership roles.
3. Share your vision
You need to share the businesses long-term goals and vision with potential successors. Doing this will help them to develop their leadership skills to suit the vision of the organisation. It’s important to share this vision with human resources and senior leadership to increase employee retention and grow trust and loyalty with staff.
4. Offer feedback
People can’t grow and develop themselves without feedback and constructive criticism. Make a note of an employee’s achievements, so you have their information available when positions become available.
5. Provide training for employees
When you successfully identify potential leaders, you should provide them with training opportunities to help them grow. For example, you can offer mentors or have employees move laterally throughout the organisation to broaden their skills, knowledge and relationships. Focus on expanding an employee’s abilities, instead of just on their linear career track. Many organisations choose to test out these new skills while senior staff are on leave by stretching their responsibilities to see how well prepared they are to take on a more significant role in the organisation.
Creating a succession plan shouldn’t be a scary process. At The Farm Protectors, we think of succession planning as Business Evolution. We know that succession plans come in all shapes and sizes and can be incredibly complex. Get in touch today to develop your succession plan to create a prosperous future for your business.