Prioritize What the Succession Plan Will Address
The priorities of each company will be unique. Do you need to focus on training people for executive management positions? What are the strengths you wish to achieve? Use the SWOT analysis to help guide you.
Common Business Priorities:
Clearly defining the company’s priorities will decide what type of knowledge transfer will be covered in the succession plan.
Set Goals and Objectives
Success for any plan requires specific goals and objectives. Goals and objectives give participants motivation and a sense of direction.
The goals and objectives of any business strategy need to be SMART:
Develop a Strategy for Achieving Goals
SMART goals cannot be achieved without taking strategic action. The goals need to be divided into individual actions. After setting goals, it is important to write down a list of steps to achieve the goals. Brainstorm a few different ideas then critique them for their effectiveness. Be sure to seek out feedback from those involved.
Draft the Plan
Once everything from the SWOT analysis, goals, and strategies is considered, the information is used to draft the plan. The plan determines specific steps taken on a routine basis to achieve business goals and also the timeline for reaching those goals. Plans must be reevaluated from time to time to measure their effectiveness. It is important to be flexible and monitor the plan carefully.
Erin needed to gather the company’s committee together for a meeting. She wanted to make it a goal to make and increase customer loyalty. After a brief discussion, they realized they needed a time frame and an actionable plan, so they developed a more specific goal. In the end, they wanted to increase customer loyalty by five percent within the next year. They determined that the best way to do that is to develop an employee rewards program, which is the one thing that gives the competition an upper hand. After looking at the cost-effectiveness of some options for that plan, they found the one that best fit and were able to put it into action. They were able to reach their goal due to proper planning.