Simple succession planning steps

HR Savvy advises family businesses across Lancashire on a daily basis. Here are some tips to help business owners to secure their exit strategies.

By Tracey Murphy, managing director, HR Savvy

1 Create the map

Start with your business critical roles and identify whether you have potential successors in the short or long term.

Be really clear about the skills, knowledge, experience, behaviours and attitudes required for success in that role.

2 Identify the gaps

Assess the short term and long term skills needs of the business.

Use your vision, values and strategy to guide this activity.

All of your Senior Management Team needs to be involved in creating the talent map and the gap analysis so that they carry out the next step really well.

3 Talk to your people

Find out what every single person in your business is aspiring towards and ensure you focus on technical skills as well as leadership skills as not everyone wants to be a leader of people.

Document your findings and implement training, development and mentoring plans to close the gaps. When succession planning is linked with an effective performance management and development system, this creates traction for your business, it secures your future talent pipeline and your exit strategy becomes a reality.