Hints & Tips Blog
Struggling with succession? Our top tips and self-help plan.
Managing change in any business can be a challenge.
You have probably successfully grown the business operating in a certain way and relying on a core team to support you and make it happen.
However, at some point, either you or a senior team will want to retire or spend more time away from the business and you will have to start thinking about the future and what to do.
So how can you successfully navigate through the complicated issue of succession?
There is no right or wrong way to tackle succession, but we have created some tips to get you started along the journey.
1. Identifying where you want to get to is a critical first step. What do you want the future to look like?
In many cases, the answer to this question may seem obvious; in a family business it is usually the next generation; in other businesses it is often someone who has worked in the business for a long time.
But in both cases, it is important to take in to account what the future shape of the senior team in the business should look like as this may need to evolve too.
- Create a plan to get you from the situation today to where you want to be tomorrow.
Once you have decided what your thigh level people plan is, you need to ensure you achieve your goal.
Creating a plan is critical to any successful implementation.
Broadly, you want to cover:
- What is happening now (today’s situation)?
- Where would we like to get to (structure/responsibilities/timings)?
- How are we going to achieve this (implementation)?
- The Implementation
With the plan developed and agreed, you move onto the implementation phase. This is the most difficult and time-consuming element.
It may involve recruiting new people, mentoring existing members of the team, re-shaping management meetings or a simple re-allocation of responsibilities.
Having someone support you on this journey can be hugely beneficial as you can draw on their experiences and benefit from their input too.
Managing these complex situations is what we do at BHP Consulting. If you think we can help you with Succession Planning give Rachel or Mark a call on 0113 274 3496.