Why You Need a Succession Plan in Your Business
Succession plans may not be every business owner’s favourite topic, but trust me… they’re vital to the success and longevity of your business. The truth is, you can’t predict the future or control everything that happens with your team. However, what you can do is have a plan to keep going, no matter what your business throws at you. Read on to learn why you need a succession plan in your business and how to set this up for success!
Succession Plans Are Vital For Your Success and Longevity in Business
I won’t ever hide the fact that I have a succession plan for my team members and business. No, I don't "plan" on any of my team members leaving, but in the event that they earn a promotion, take on another role, or pursue other opportunities, we have to be prepared and ensure our client responsibilities don't fall through the cracks.
How We Create Our Succession Plan
Setting up a succession plan doesn’t have to be a huge, hard, intimidating thing. Here’s exactly how we create our succession plan and what we include to make sure our clients are served and our business can continue to operate like a well-oiled machine, no matter the circumstances.
Up-to-date documentation of key responsibilities, processes, and procedures for each team member's role. This includes job descriptions, task lists, and access to necessary systems and files.
Knowledge sharing. Our team works closely together, ensuring multiple team members know the workflows, best practices, and specific details about client preferences.
Require a 30-day notice. This allows time for a transition period for the team member who will be taking over their work.
Exit surveys to gather insights and feedback. We use this to identify where we can improve in all areas and make necessary adjustments.
Having a succession plan doesn't mean that we plan on team members leaving (because we rarely have turnover within AK/VA), but it does allow us to move team members to new roles based on their interests and skill sets and allow them to grow.
Plus, a strong succession plan gives everyone within the team, especially me as the CEO, the peace of mind that no matter what, we will keep AK/VA running smoothly.
A succession plan is just one of the many systems and processes every business should have in place in order to scale, grow, thrive, and support a flourishing team.
If you’re looking for help in creating your own succession plan and systems, check out The Power Package, our signature done-for-you package to take your business to the next level!