Succession planning – managing the risk

Doctor Who’s, Peter Capaldi, bowed out at Xmas, declaring that three years is the maximum length of time anyone should stay in a job. Fortunately the Beeb had a rather nifty succession plan for a seamless transition of the Tardis. (Hello, Jodie Whitaker – welcome to the first female Doctor!) But is your business’s succession plan just as nifty as the Beeb’s?

Your business will have key personnel that you rely on.  Maybe they are a brilliant sales person, a can-do manager or someone with specialist skills.

How easily would your business cope without them?  Succession planning helps you to identify who these key personnel are and work out what you need to do to protect your business should they leave you.

Recent studies by Aldermore shows that more than 60% of SMEs have no clear succession plan in place to ensure that their business doesn’t suffer when a key person leaves. This is despite the survey of more than a thousand senior business decision-makers at UK SMEs revealing that more than one in seven (15 per cent) believe the biggest threat to their business is the departure of a senior executive.

Seems crazy doesn’t it? If a key member of your team left your business, you would need to adapt quickly.  Think of succession planning as a practical insurance policy for your business.

So your business is going to benefit from having a robust succession plan in place! You do have one, don’t you?

I can help you to identify your key personnel and any possible successors.  I can show you how to address any skills shortages that may be holding back your business and help you find ways to develop and retain key personnel.  We will find practical ways to multi-skill your existing team.  And if you do lose a key member of staff, others will be ready to step in.  On top of that your existing staff will gain new skills and be more motivated.

I want your business to carrying on growing, no matter what changes may be sprung upon you.  I can save you time, stress and money in the future by planning now for the changes that inevitably lie ahead.

Give me a call or drop me a line now if you would like to now to talk us about succession planning for your business and how I can be your insurance policy.