Succession Planning – one step at a time
Anyone watching the Sky Atlantic drama “Succession” will have enjoyed a dramatic example of how failing to plan for the future of a business can have disastrous consequences. In the show we see magnified and close up just how a business risks losing valuable knowledge, skills and relationships without an effective succession plan in place. This can lead to instability, a downturn in performance, and ultimately failure.
Succession planning is often overlooked by businesses everywhere. However, we at Granby know that it’s a critical element of long-term sustainability.
At Granby, we know success needs effective forecasting and planning. We see creating a succession plan as a key part of this process. And so, as a leading employee-owned business, Granby has put together a program called Rising Stars. This is aimed at identifying the next generation of leaders across all functions within the company.
Succession Planning forms the first part of this programme for our next generation of managers and leaders. Only last week we partnered with Community and Business Partners and Rachel Haslam of Team Academy on the Stepping Stones programme. This looked in some detail at delegation and empowering team members. We do this because it is a massively important process for the business and for our customers.
3 Key Benefits of Succession Planning
There are many benefits to effective succession planning of course. Granby have identified the three that resonate with us.
- Smooth handover: Succession planning prepares a business for the future simply because it ensures key roles can be seamlessly transitioned to the right people. This helps to keep clients reassured and happy.
- Employee Loyalty: When employees know that they have a clear path for advancement and that their future growth is tied to the success of the company, they are more likely to remain loyal to the business and invest in its success.
- Peace of mind, always: Having a succession plan in place gives peace of mind. This is especially true when a business is in a position to thrive after the current leadership team’s direct involvement.
So, in a nutshell, succession planning is not only good for business; it’s good for employees and your own peace of mind.