Succession planning is a systematic leadership approach to tend to your businesses future. It's an exciting part of being in business when you get the opportunity to develop the skills of your employees. Understanding the potential of your employees, providing opportunities to reach their desired career trajectory is an important talent management process. When you create alignment you create employee engagement and that leads to the satisfaction and loyalty of customers.
There comes a time when an owner of a business is ready to retire or do something else. Where does that leave the people who are working for them? Succession planning is an important tool for the continuation of the business. It may be you started the business with your family member and you need a plan for how to handle the future of the business should one of the partners die or decide they no longer want to be in business.
The availability of experience and capable employees that are prepared to assume these roles as they become available is an important planning process, especially for the key roles within the company. There is nothing more important to an organization that their talent. Finding ways to develop talent and plan to leverage that talent takes the organization into the future.
Talk to a professional to help you prepare for the unexpected and design a plan that fits your goals. Make sure you haven't left a critical role vacant causing an unacceptable impact on the organization. Create your development plan to identify leadership requirements and a transition plan to leave a legacy and encourage future growth of the business.