Patti Cotton

Executive Coach & Career Strategist

business coach

How to Move Beyond Growing and Surviving

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How to Move Beyond Growing and Surviving

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.

You Have a Great Vision and an Aggressive Plan: Why Are You Stuck?

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You are a seasoned professional who is intelligent and skilled. You have a world of opportunities ahead, and have set some high goals for greater success.

You’ve envisioned what you want success to look like, and you have drawn up a great action plan to get there (many of you have actually hired someone to help you with this!).

Yet, you find yourself stuck and unable to move forward. What’s more, you aren’t sure why. Here’s what we know:  When there is an internal conflict or fear that you have not yet confronted, you will not move forward easily.

And here are 5 possible reasons why:

1. Your vision doesn’t align with your values.

Surprising, but true. Many times, we don’t cross-reference our vision with our values. When this happens, and our values collide, the internal conflict that follows keeps us from moving forward. We may not even understand why – it just simply “doesn’t feel right.”

Coaching tip:  Find a list of personal values, and determine which top five you hold in highest regard for your life. Now review these as you look at your vision. Is there anything about the latter that does not align with one or more of your values? If so, what needs to shift or change in your vision to support you?

2. You just aren’t that into it.

When you created your vision and considered the change it would make in your life, how important was succeeding to you? Many times, we set goals because these are important to others in our intimate circle, and we want to please and keep the peace. This doesn’t work in the long run, and it doesn’t ignite passion for achievement, even in the short term.

Coaching tip:  Revisit your vision. How important is reaching this to you personally, on a scale of 1-5? If you respond with a number less than 4, odds are that you are not going to achieve your goals.

3. You are listening to too many voices.

Everyone has an opinion. When others hear about your work, some will be quick to share how strategy A never works – strategy B is always best. The next person will tell you the opposite. Every opinion will begin to sound right – and you can’t go down two paths at once. Result? A confused mind does nothing.

Coaching tip:  If your plan reflects sound strategies, then give those a chance. Work them for at least 90 days, then assess to see if they are working as they should.

4, The payoff is too great right where you are.

Let’s face it – change is uncomfortable. And if you are receiving some sort of intrinsic reward or emotional payoff for staying stuck, you are not going to move forward.

Coaching tip:  What’s comfortable about your discomfort? Are you on top of your responsibilities, and afraid of failing if you move forward? Are you getting emotional sympathy from others about your current situation? What payoff are you receiving for remaining right where you are?

5. You are afraid to succeed.

This one is challenging. It means you are afraid of losing something you currently have – a key relationship, a lifestyle, or even your identity.

Coaching tip:  Acknowledge your fear, and then ask yourself what you will lose by not moving forward. What will yield the greater return for you? Staying where you are – or moving toward goal?

What keeps you stuck? And what do you need to change in order to move forward?

HOW MUCH

DO OTHERS REALLY TRUST YOU?

​Learn the two vital parts to trust and how they can help you become a more highly effective leader.

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