Succession Planning Strategies-

Succession Planning Recommendations

It has been about YOU and your employees up to now.

You've built and run your business for years. Think about what you know and how you learned it. You developed your knowledge in many ways over time: through formal education; hands-on-experiences; assignments; people you have known, both wise and unwise; and yes, mistakes. The same thing holds true for your employees – each person knows a great deal about your business. And, like you, it took them time.

For the next 2 –3 years, it can still be about you.

Take time now, before you and/or key employees leave, to develop your company’s capability to capture, maintain and transfer skills and knowledge to others. It can take several years to prepare for the kind of workforce shifts that are beginning to happen.

For the next 15 years, it will be about others.

The time to begin building your company’s future workforce is now. For today’s business owners who have workers, ages 55 – 64, you have benefited from workers who, on average,
have stayed in a job for 10 years. They will be replaced by generations of workers who will stay, on average, only 4.1 years.

Higher employee turnover will be disruptive. Lack of the vital knowledge necessary to train the replacements will be devastating. How will what they do and what they know affect
you company when they walk out the door?

Download Business Success Tools' recommendations

What to do about succession planning.  Begin building effective soft-side systems and processes (“all those PEOPLE things”) that have hard-cost benefits to your company’s:

. Operational excellence
. Customer retention and satisfaction
. Financial performance
. Other employees’ productivity and satisfaction
. Value when you try to sell the business

Effective succession planning requires using a logical approach, a succession planning system. Let us help you implement an approach that will work best for you and your organization.  Business Success Tools - contact us today.