Once you have a grasp of your business and know the direction you want to take, it is time to develop a succession plan. To do this determine your priorities, use the priorities to set goals and objectives, and develop a strategy to achieve these goals. When this process is complete begin drafting the succession plan that fits your needs.
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.
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 motivation and a sense of direction. The goals and objectives of any business strategy need to be SMART:
- Specific: Goals should have specific instructions.
- Measurable: It should be clear when goals and objectives are met.
- Attainable: Impossible goals are not motivating. Make sure that goals are reasonable and attainable.
- Relevant: Goals need to be relevant to employees and their functions.
- Timely: Goals need specific timeframes.
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.