In a succession, someone else pilots your ship. Succession Planning Intelligence™ focuses on training your next pilot. You start by building the “human” capital in your company and management team. Your succession plan addresses the training process and inspires mutual trust and commitment for the company as an institution with a future of its own. The succession plan identifies eligible candidates and puts them through the trial and error process of moving from management into leadership.
Using Succession Planning Intelligence™, you prepare your ship for success whether or not the original pilot is available. As global enterprise customers are increasingly demanding assurance that their suppliers are viable in the long term and have adopted business continuity plans, disaster recovery plans and risk management and resiliency plans, your succession plan will not only help your planned transition. It will grow your clientele and cash flow even before you are ready to leave.
What is a Succession Plan?
A Succession Plan transitions your company’s management to move into leadership. You groom your team to assume new roles. You find a new CEO, whether internally or externally. More broadly, a Succession Plan is part of human capital management. Using your Succession Planning Intelligence™, you can focus on building your company’s human capital to deliver customer satisfaction and internal supervision. In the process, you plan your orderly transition and the company’s continued success.
Succession planning means grooming your employees to run the business with minimal input from you. The training process can take several years, depending on the competencies and culture of your management team. A well-designed succession plan identifies a comprehensive transition process to address:
Vision and goals for the future
Institutionalizing operations using well-defined processes
Updating management systems
Ongoing training to build the company’s human capital
Developing a culture of collaboration, transparency and accountability
Identification of potential new owner(s) and/or a CEO
This route requires sustainable mutual trust, fairness and intensive management review. As a result, it’s perhaps harder than new product development or selling to customers.
We offer a two free E-books, one on “RESTRUCTURING” STRATEGIES FOR YOUR SMARTER BUSINESS EXITS and one on “INTERNATIONAL” STRATEGIES FOR YOUR SMARTER BUSINESS EXITS. For a copy, please click here.
Contact us to start working with the author. Let’s chat to get started.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.