Succession Planning december 9, 2009
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Wayne Cascio |
Succession planning, as important it is, is often overlooked by owners of small firms. Wayne Cascio described this phenomenon as a fear of starting to plan for a successor like planning your own funeral. At same time, in managing a small business, we should understand the importance of succession planning, and its effect on the organization.
There are great benefits for having a succession plan in place. Wayne Cascio points that it helps reassure employees and investors of the company that there is a “road map” in place for the business. Another aspect of planning for the next successor is understanding and prepare for changes in the market environment. Tomorrow’s leaders of the organization will have to be different that today’s leaders. Good performance alone is not enough for selection of a future leader. By looking at your company’s strategic planning it is easy to identify what characteristics and skills the successor should have in order to take a firm to the next level. General Electric and 3M are both good examples of well-implemented succession planning.
It takes time to select and prepare your next leaders. Depends on the size of the company it may take from two to five years. Start now. Look inside your organization for the next leaders that will take your company to new heights.
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