Hints & Tips Blog
The art of successfully Managing succession
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.
- Identifying where you want to get to, is the critical first step.
What do you want the future business organisation to look like?
In many cases, the answer to this question may seem obvious; in a family business, it is usually the next generation, although there is normally a challenge around what to give up when.
In other businesses, it is often someone who has worked in the business for a long time, but again there will need to be considered around timings and responsibilities.
But in both cases, it is important to consider what the future shape of the senior team in the business should look like as this will probably 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 high-level people plan looks like, 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)?
Completing this will give you a framework for your future actions and a roadmap that you can discuss and share with the other participants. Being open and communicating with all of those involved is important, you want them to feel part of the decision-making process too.
- 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.
Holding regular updates and giving people the chance to share their feelings and views is vital during this step. Having someone support you on this journey can be hugely beneficial as you can draw on their experiences and benefit from their input too.
We work with many businesses on succession plans and their implementation. We help to develop the right plans and then help them through the implementation phase as well.
If this is something you would like to speak to us about, please do get in touch through the link below.
Our team at BHP Consulting all run successful businesses, we understand that businesses are unique and our approach involves sharing this experience to improve your business. For an initial telephone conversation or face-to-face meeting, click here