Most small and medium sized businesses operate from day to day, not really thinking too far ahead. Most don’t have a business plan. Some have a plan but once written, it’s often filed away never to be looked at again! The plan is a crucial business tool and should form the start of a process which more often than not, ends with the business being sold or passed on in some way.
Business planning covers all facets of the business and more specifically, should include financials, staffing levels, funding, target markets/customers, cashflow peaks/troughs, competitor research, sales channels, etc. One of the key aspects of any business plan is the people strategy. People are the lifeblood of any business and it is crucial to find, recruit, motivate and retain the best people in order to build the best business you can. Succession planning delivers long term continuity for a business and, at the same time, adds value for the business owners.
Good succession planning means that you identify those individuals within the business who are capable of taking on a bigger role; those who are perhaps the more ambitious types and those whom you would not wish to lose to your competitors. Thereafter, you need to act on this information and make sure you retain and develop this talent to reach their full potential. One of the key ways to do this is through the use of personal development plans which will assist these individuals in their career development and give them the necessary coaching and mentoring required. Your people are your greatest asset and the key to succession planning is the total commitment to the development of your people.
Cork Griffiths, a Keystone associate can help you with all aspects of your people strategy and will work with you to recruit, retain and develop the best people for your business.
Please call Paul Griffiths on 0844 736 2886 to discuss matters.
