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Importance of Succession Planning for a Business

Updated: Jul 22, 2022

What is Succession Planning ?

Succession planning is specifying the necessary positions within your organization and setting action plans for individuals to assume those positions.

In other words, the process of identifying important positions throughout a company, identifying potential successors for those positions, and qualifying those successors, through training and experience, to step into leadership roles when needed are the actions of Succession planning.

Succession planning is essential to making a smooth growth to new ownership and management. Plan your exit strategy carefully to maintain the value of your business.

Succession Planning Process

Seven steps to follow when you are succession planning

1. Be dynamic with a plan.

2. Pinpoint succession candidates.

3. Let them know and define the stages.

4. Step up proficient development efforts.

5. Do a trial run of your succession plan.

6. Integrate your succession plan into your hiring strategy.

7. Think about your successor

To find out more about succession planning, book a FREE consultation HERE.

By: Helia Mohammadi

Social Media Specialist

Adicator Digital Marketing Agency

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