Our Succession Planning service
Anna Stubbs • July 6, 2023
All business owners should have a Succession Plan in place, no matter when they plan to exit. An effective Succession Plan will help you define the steps required to turn your future vision into a reality, while taking into consideration business, personal, and family expectations.
Our Succession Planning service gives you the chance to:
- Determine what you want out of your business
- Clarify your succession options
- Create a timeline with key milestones for your Succession Plan
- Identify the actions and strategies you need to make your objectives achievable
If you wish to take a more passive role or sell your business within the next three years, then we recommend you start the ongoing Succession Planning process right away. The longer the planning phase, the more time you have to groom your business for sale and attract the right successor.
By attending a Succession Planning session, you’ll:
- Define and understand what you want from your business
- Determine a common vision for owners, team members, and successors
- Clarify your succession process, defining tasks and actions to maximise your outcome
- Identify and prioritise key goals and milestones
- Increase your ability to make strategic decisions
We look forward to helping you plan for the future.
No one can deny that to grow your business, you must attract new potential customers (or leads). It’s how you generate these leads that’s important though. STEP is a lead generation acronym to help you generate quality leads without pointlessly blowing your marketing budget: S = Strategy T = Target E = Efficiency P = Process
Key Performance Indicators (KPIs) are essential to measure the performance of your business in order to grow your numbers. Of course, the measures themselves are pointless unless there’s reflection and discussion to ensure they’re met. Here’s a simple and effective way to link KPIs to a reporting and accountability framework. Firstly, make sure there is ONE leader for each of the departments in your business: Director, Leadership, Product / Service Development, Operations, Marketing, Sales, Finance, HR, and Admin / IT. One person can lead more than one department, but two people can’t lead one department. You can also contract out departments to avoid needing a large head count of team memebrs (finance, marketing and IT can be outsourced relatively easily). Be clear on who reports to who . One person can only manage 5 or so people effectively. Consider establishing teams with team leaders to enable you to achieve a ratio under 6 to 1. Set up regular department meetings . This may be the CEO with each of the other department heads, the Operations Leader with the Operations team (if less than 5 in the Operations team) or with the Operations Team Leaders (if more than 5 in the Operations team).
One of the simplest ways to grow your bottom line is to tighten your belt and spend less.