In case you have any doubts - your leadership matters. And when it comes to succession planning, it really matters! So how are you doing when it comes to devising a strategy for what comes next?
Hopefully, when developing your company’s vision, you gave thought to where you want your organization to be when it comes to that inevitable next phase - selling, retirement or just moving on. Unfortunately, many small business owners wait until it’s too late to consider and manage the process of succession. Planning for the future is quite easy to put off yet is critical to the vibrant continuation of your business. If you haven’t already, it is time to put this at the top of your list of priorities and focus on this crucial aspect.
So, how can you make your business more valuable and marketable? Here are some key leadership best practices to help you get started:
• Conduct evaluations with your leadership team. Address weaker areas for the overall strength of the business.
• Be intentional with the organizational structure according to the core values and future organizational chart plan even if it leads to terminating long term employees.
• Invest time and effort in development planning. Provide key players with the specific training and resources needed to ensure their success.
• Communicate regularly with key players. Know when and with whom to share the plan to ensure a smooth, seamless transition. Don’t miss this utterly important aspect!
• Don’t just manage - LEAD your team toward the goals. Give them the opportunity to spread their wings and coach them toward optimal outcomes.
• Don’t leave processes to chance or discretion - make them habitual and unequivocal. Ensure that explicit systems are in place where needed and followed to the letter routinely.
• Accountability is crucial. Stay the course by maintaining consistent accountability. Follow up, follow up and follow up again.
Systems. Structure. Vision. Focus. Once your business processes are structured and honed, you will rest easier knowing everything is in order and your business will thrive long after you have moved on. Not only that, but you will realize greater return and a sense of pride when you hand over a polished, turn-key business to your successor.
Click here to schedule a complimentary discussion with CoachCruiting about preparing for the succession of your business.
Leadership quote of the month: "The single biggest way to impact an organization is to focus on leadership development. There is almost no limit to the potential of an organization that recruits good people, raises them up as leaders and continually develops them." -John Maxwell