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Succession Planning – positioning the business for future leadership

Succession planning has always been an issue for business owners to confront, let alone plan and implement. A primary challenge is the almost exclusive focus on the people component, which is only one piece of operating a successful business.

The changing demographic structure of society over the next 15 years will force an increasing number of businesses to tackle this issue. The focus on people is critical given they are intertwined in the fabric of any business. One of the real challenges is understanding how to best position the business 3-5 years before the key date.

Have a think about the critical issues:

  • What is the growth trajectory for the business in the next 3 years?
  • How competitive is the business and how relevant is it to the future customer base?
  • Have the management teams contemplated life without key people, and changes to processes and systems?

These are only some of the many questions but, importantly, it’s not all about the year when leaving is imminent. A well defined growth path over the medium to long term creates a more valuable asset. It creates the clarity to drive business growth, and provides talent within the organisation the opportunity to reveal their potential, which will ultimately provide the future leadership of the business. Early investment in the evolution of the business creates the best outcome on handover.

 

DCS Consulting is your business growth specialist. For more information in relation to our quality business analysis, please contact:    

Level 5, 530 Collins Street,
Melbourne VIC 3000 Australia
growth@dcstrategy.com
+61 (0)3 8102 9200