When millions are on the line, the responsibility of who will carry it forward has to be a monumental affair in itself. And that’s where Succession Planning comes in.

I can almost hear many of you in my head. ‘But Colleen, there’s so much else at play, why do I need to read about succession planning?’

Do you need a Succession Plan? You decide.

You’ve put in the blood and sweat into building an empire (we like a dramatic turn of phrase around here; keeps us smiling). That business idea you had first started out with is a fully functioning, profit generating machine now equipped with a solid team of professionals that have been working together to reach company goals. Whether you’re looking to get out in 3-5 years or continue growing your business, as an entrepreneur, you need a strategy in place to develop your future leaders. If that’s not something you have thought about, factor it in as you hunker down and plan your business.

In effect, Succession planning is a method that proactively allows your business to be prepared for the future so that when a key leader or employee moves on, it doesn’t cripple your operations. Despite any changes, effective succession planning allows the business to continue powering through. Along the way, the process builds up employees with great potential, identifies skillsets of top performers and gets potential future leaders invested in maximizing success for the company.

Sounds like a win-win for all!

Why might we need to give Succession Planning an extra thought now?

One word. Contingencies.

While succession planning can be best practice put into place for all employee levels. Here’s a grim example your top Business Development Manager needs to take a sabbatical – a possible reality in the time of illness and caregiving.

What if have a replacement groomed and ready from before? The focus at first is on C-Suite – those that will be leading the success of your business after you. This wouldn’t be a short-term procedure – the wheels must be put into motion years in advance to have a successful outcome.

In the next couple of notes, I’ll get into the structure of a succession plan.

Stay safe, Colleen