Tag: succession planning

  Q. Why bother with strategic planning?    A. Are you familiar with the carnival game, “Whack a Mole”? In this game, you hold a mallet while looking at a board with five holes. Each hole contains a mechanical mole ready to pop up in a random order. Whichever mole pops up, you try to hit it before it disappears. It’s exhausting, as the repetition leaves you with little satisfaction.    Do you have days at work when you feel like all you’ve...

A. You don't want to wait until a referral source asks the inevitable question of when you are going to retire. In small to medium sized companies, clients often associate their experience with the CEO. Especially when the CEO is the founder, it is realistic to expect a referral source to want to know about any upcoming plans to switch leaders at the top. Ensure that the core management group of your company is aligned with your plans before unveiling them to the outside community. How is the new...

A. Begin planning well before a successor will be needed. Start with skill building for the identified core group of staff. Teach and train leadership techniques to the most skilled and talented group of employees at your company. Invest in coaches and mentors to help them strengthen their leadership skills. Sometimes, the CEO is the best mentor and other times, outside mentors are needed to develop a leader. Make sure you have more than one person in the pipeline as depth is needed to develop a...

Yes, succession planning is essential for every organization regardless of size because it demonstrates planning ahead and developing strategies, programs and people for the future and for inevitabilities. You do not want to be caught without a key player or a plan in the event something happens to your staff or your business. Further, relying on one key player to run the operation is simply a risky proposition.Prepare for sudden lossIn working with an HME provider recently, the chief executive tragically...

A. If you asked the leaders about their HME company's succession plan, they would likely say they don't have one and don't know exactly what a succession plan entails. A succession plan can be defined as a strategy for finding the next group of company leaders. When employees leave, the business must be prepared to move on. Identifying and training the future leaders is the key to a succession strategy. Core groupWith that definition in mind, how should you create your own plan? First, examine the...