Your Succession Plan
Are you a business leader struggling to grow and survive? It’s time to get a better game on.
Whether you are a business owner, executive, or other professional, you need a succession plan, now.
What is a succession plan?
Most think it’s simply grooming new leaders who can eventually take over a business or corporation. But it’s much more than that. Succession planning should include getting your “house” in order, making sure that systems, processes, and team are identified and developed to effectively meet the future.
Because of this, succession planning is not something you do when you are getting ready to retire.
In fact, succession planning is something that should be an ongoing process now, if you are a business leader who identifies with any of the following:
- You want to move the business and your future from surviving to thriving
- You are proud of your leadership accomplishments and you see this as a legacy that others should enjoy
- You have a vested interest in seeing that your efforts pay off exponentially, not only now, but in the future (financial gains, heirs, etc.)
Most corporate and business leaders spend their time caught up in the daily worries of running the business or enterprise now. They are in a survival mode, or busy trying to scale the company’s efforts to generate more revenue.
When this happens, it’s tough to get ahead – much less lay the firm foundation for something that will pay off now and in future.
These business leaders may see succession planning as an HR function and not a leadership imperative – to their peril. Planning for the future and laying out the strategies to reach it effectively require vision and global thinking. It requires that you set a clear direction with system-wide goals to carry the business into the future.
This means that if you are in charge of an enterprise or your own business, you need to lead the charge.
What happens if you don’t take action, now? What are potential consequences, if you don’t see succession planning as an ongoing process to ensure a healthy and vibrant business now and in future?
Here are a few scenarios where a lack of succession planning has resulted in rapid business decline and demise:
- A leader exits without warning, due to illness or another unexpected event.
- A company replaces the exiting executive with someone who is not yet equipped to take over. This happens frequently in family-owned businesses and in cases where the company has hired from the outside without ensuring that the new leader is culturally compatible.
- The business neglects high-potential talent inside its doors and the talent goes elsewhere.
What does your succession plan look like? Do you have a system in place to identify and develop high-potential talent, business processes, and systems that will effectively meet the future?
Patti Cotton helps executives optimize their effectiveness in leading self, others, and the enterprise. Her areas of focus include confidence, leadership style, executive presence, effective communication, succession planning, and masterful execution. With over 25 years of leadership experience, both stateside and abroad, Patti works with individuals, teams, and organizations across industries, providing executive coaching, leadership development, succession planning, change, and conflict management. She is also a Fortune 500 speaker. For more information on how Patti Cotton can help you and your organization, click here.