Every smart move you make in business requires a clear view of the road ahead. That’s especially true whether you’re considering handing off your family business to the next generation or making a good, solid exit from the business you have built.
Without A-Players to empower your succession planning, you are building for a dubious future using weak tools. Yes, that’s a rather strong statement. So let me explain just why A-Players are essential for a strong future. Then I’ll give you some insights into how you can make sure you have a lineup of A-Players to power your succession planning engine.
You can feel it at work: that subtle drag against your company’s forward momentum. That dead weight resisting change and growth for your business. But how do you identify the actual roadblocks? How can you pinpoint what’s holding you back?
Strong business growth strategists come up with plans that brilliantly balance the rate and direction of a company’s growth. Best of all, they use an approach uniquely suited to their organization and its resources, both present and potential. Does this sound like your strategy style? If so, you’re probably leveraging five essential skills to position your company for sustainable business growth.
If you shop online, use a banking app, scroll social media, or search with Google, you know firsthand how adept AI algorithms are at predicting your behavior, answering your questions, and dishing up attractive options. They perform this feat based on the vast reservoir of data at their disposal. In the business world, AI is doing this all the time, and not just for the Fortune 500 companies, or the companies that are building their own AI technology. The fact is, AI is hard at work right now sculpting the way all businesses will operate, engage with customers, and make strategic decisions in the future.
Businesses with an effective succession plan hardly miss a beat when leaders leave—whether they leave on schedule or unexpectedly, and only 35% of businesses have succession plans in place. Further, of those businesses that have implemented succession plans, most have only done so for the CEO position.
In this fast-paced world, where business landscapes can change in the blink of an eye, a well-crafted turnaround plan becomes the linchpin between survival and failure. When the going gets tough, a fresh perspective from the outside can work wonders in helping you refocus on the core principles that can steer your business back to success.
I spent last week in London where I had the pleasure of attending Wimbledon with my wife and some close friends. Undoubtedly these players are gifted athletes but without the guidance of a good coach would they make the changes necessary to reach the top? It is the same in business.
During my recent travels to California as a CEO and leadership team coach, I read a Gallup article about productivity that echoed my sentiments about the future of business leadership. In past generations, management was about control. In general, managers could be counted on to be senior staff members; their experience was comprised of hard earned knowledge about company processes and procedures, and good leadership was based on enforcing these.
I recently spoke to YPO Guatemala, in Guatemala City, which was a great experience. I shared with them a three hour interactive workshop on leadership succession planning. What made it a great experience was their willingness to participate fully in the discussion and group exercises as well as their warm generosity in the way that they hosted me while in Guatemala.
Nobody likes to think of themselves as a bad boss. But in my travels through the leadership keynote speaker world, I’ve met so many current and aspiring leaders. And whether they’re newly minted managers or seasoned C-suite types, regardless of their leadership tenure, it’s quite common for people to have a few blind spots around their own leadership styles.
February is the peak of downhill ski season and the time of year when I enjoy spending as many days as I can on the slopes. I try to combine my passion for skiing with the opportunity to spend time with people whose company I enjoy and find stimulating. This past month I was fortunate to rekindle some old friendships with some close friends I haven’t seen in several years.
Handing Over the Reigns is a must read for anyone who is contemplating passing their business on to the next generation. This book is based on Richard’s experience in a 4th generation 100 year old family business and from the work he has done with many other privately held companies in the UK and USA.
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