Succession planning is key for businesses to create 'the gold winning team', regardless of your future business's certainty, according to an entrepreneur and business coach.

As an employer looking to fill a role, whether newly created or recently vacated, it is critical that you look within your existing teams.

Business leaders should constantly be thinking about the future. Planning ahead is an essential part of running a business. Unfortunately, many businesses fail to look so far ahead when so much is happening in the here and now.

Beatrice Bartlay, entrepreneur, author and business & life performance coach, says that succession planning doesn't have to be a hastily thrown together concept for organisations.

Beatrice, who has helped hundreds of clients build their managements teams through her talks, says: "What some companies still don't understand is that people are the key to a successful business, and by developing these people through succession planning, their company can increase productivity and therefore, profits.

"The gold winning team can only be achieved when business leaders draw focus towards their employees. This in turn will keep them motivated."

The top reasons for succession planning, according to Bartlay, are:

1. Succession planning brings the organisation together

Companies that have strong interdepartmental relationships will find themselves in a better position than companies who don't experience such synergy.

2. It helps business leaders to see the bigger picture

A common mistake that high-level executives make is that succession planning should only be used for SMEs. Effective planning involves looking at the entire hierarchy, after all, the employees at the lower rungs are the ones who help the business run every day.

3. Company morale is boosted

A succession plan can mark a big shift in company dynamics, and change is exciting. The prospect of career progression will incentivise employees to work harder and maintain a high company morale and secure loyalty to the company.

4. Planning is beneficial even before it's implemented

The process of creating a succession plan should involve multiple perspectives. Through these perspectives, leaders are able to identify who within the business is destined to ascend the career ladder, and can act accordingly.

5. Staff have a platform to express feelings

Sharing succession planning allows SMEs to reflect their needs for their career and the business. Again, morale is boosted through this method, as it places a degree of company accountability with members of staff who assist you with succession planning.

6. Succession planning can prepare you for the worst

There are always going to be uncertainties in business. An early retirement, economic disaster, unforeseen illness, these are all relevant instances in which a succession plan is crucial. When any of these issues occur, a strong plan will help protect the business.

Picture credit: Pixabay

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