What Is A Succession Plan? Do You Need One?

By  |  September 19, 2018

Have you ever thought about succession plans? What is a succession plan and do you actually need one?

Do you know that a company’s future survival can be based on its successor?

What is a succession plan?

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According to Roberhalf.com, “It’s a strategy for identifying and developing future leaders at your company — at all levels.”

You need to plan your business in a way that when you are not around of available, other people can step in and take the right decisions concerning your business.

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Trak.in says, “The process of succession planning starts many years in advance and involves recruitment, career development and training of the potential successors. It requires a great deal of foresight and planning to identify the strategic core areas or positions where successors need to be groomed, so they can step up when the time is right, and deliver.”

Your succession plan should be detailed out, clearing stating the tasks you take and who should step up to do those tasks when you are not around.

Not only should you be concerned about the day-to-day activities of your startup; you should also be concerned about looking out for someone who is fit to be a successor at your startup.

Some startups don’t bother about succession planning because they think they are too young to bother about that. That in itself is wrong, what if someone in a key leadership position at your startup leaves your company? Do you have the right person to take over that position? Does anyone else understand the modalities of that position in other to find a good fit for it?

Succession plans should be considered beforehand in order to find the right fit for a particular position. The exit of a person from your startup can affect your business, and the longer that position isn’t filed; the greater the damage that would be done. It would also further add to the pressure on other people around you.

See why you need a succession plan?

You shouldn’t only look for someone who is educationally fit; the person has to be culturally fit, and have visions that align with that of your startup, as well as behavioral and technical competencies.

As a business, you need to identify and hire potential key-workers who can advance into higher positions in your company.

You shouldn’t only think about succession plans for higher positions, but think about succession plans for smaller positions in your startup.

Do you have a succession plan? If not, why?

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