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Succession Planning for a Successful Business<br />Caroline Suggett<br />http://uk.linkedin.com/in/carolinesuggett<br />
Why Is Succession Planning Important?<br />Planning for the future, rather than just focusing on the day job, is imperativ...
TOP 10 – REASONS FOR BUSINESS FAILURE<br /><ul><li>  Lack of management systems
Lack of vision & purpose by principals
  Lack of financial planning & review
Over dependence on specific individuals, no succession planning
  Poor market segmentation & strategy
Failure to establish or communicate company goals
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#Succession planning for a successful business

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How to strengthen your business using #succession planning. If you are looking for a #successor then this process is fantastic. Or maybe you are looking to #retirement but feel stuck in your business.

Published in: Business, Economy & Finance
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#Succession planning for a successful business

  1. 1. Succession Planning for a Successful Business<br />Caroline Suggett<br />http://uk.linkedin.com/in/carolinesuggett<br />
  2. 2. Why Is Succession Planning Important?<br />Planning for the future, rather than just focusing on the day job, is imperative if a company is going to exist in 5, 10 or 20 years<br />It gives you a single VIEW of the company’s people assets, strengths & vulnerabilities – Putting you in CONTROL, ensuring STABILITY<br />Demonstrates a clear path for progression, freeing senior execs to move up, develop new areas or even retire!<br />
  3. 3. TOP 10 – REASONS FOR BUSINESS FAILURE<br /><ul><li> Lack of management systems
  4. 4. Lack of vision & purpose by principals
  5. 5. Lack of financial planning & review
  6. 6. Over dependence on specific individuals, no succession planning
  7. 7. Poor market segmentation & strategy
  8. 8. Failure to establish or communicate company goals
  9. 9. Lack of knowledge – market, competition
  10. 10. Inadequate capitalisation or lack of funds
  11. 11. Absence of standardised quality program
  12. 12. Owners concentrate on technical rather than strategic work at hand</li></li></ul><li>Start Successful Succession Planning<br />Assess the company’s long term goals<br />Remember to consider your own Personal Goals & Vision!<br />Plan for business growth and retention of key staff<br />Know the aspirations and developmental needs of current employees<br />Start with mapping out your organisational structure, see example on following slides<br />
  13. 13. Succession Plan (Senior Management) – XYZ Company Ltd<br />Key: -<br />Red:Retiring or ExitingGreen:SuccessorYellow: Position AvailableBlue: New Employee<br />
  14. 14. Key: -<br />Red: Retiring or ExitingGreen: SuccessorYellow: Position AvailableBlue: New Employee<br />Succession Plan (Management/Staff) – XYZ Company Ltd<br />
  15. 15. Steps To Create Your Succession Plan<br />Have a go and do it yourself<br />Get trained in Succession Planning<br />Engage an expert to help you make it happen<br />“I highly recommend Caroline. Working together over the last 2 years has helped me get focused on finding the right successor and freed me to move into retirement, feeling confident that the business is in safe, skilled hands.” <br />
  16. 16. Contact me about Succession Planning<br />Caroline Suggett<br />caroline@rom-consultancy.co.uk<br />http://uk.linkedin.com/in/carolinesuggett<br />“Caroline’s insight, executive coaching and support of Board members is quite exceptional. As a company, we are well on the way to achieving our targets. I would recommend her services to any business looking to rise above the recession, stay focused and be very successful.”<br />

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