Succession Planning:
Creating a Roadmap for a succession of change
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Business succession planning is another of life’s “administrative” functions that tends to get little attention until someone decides to retire or leave. Often at this point the situation can be dire and can be described as crisis management.
There are many factors to be considered in a succession plan:
- Relationships: client relationships are often established over a long period of time.
- Knowledge, skills and expertise: Don’t let your knowledge base walk out the door.
- Leadership: In some cases, senior charismatic management will have established an environment and culture that are difficult to change.
- Illness: The onset of illness or disability can leave a small organisation stranded.
Succession planning is an integral part of an overall business strategy to be shared and agreed with all key stakeholders. The succession plan will be your roadmap for future communications, change management, training and growth.
Developing these strategies takes less time than you think and will give you piece of mind.
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