Preparing Your Business for the Long Term

November 20, 2022 | Barton Walter and Krier

Running a business is more than a 9-to-5 job. And with day-to-day elements to juggle in the present, it can be difficult to think about the future. But preparing your business for the long term is something to consider right now. Keep reading to learn what you should be doing and to uncover hints for succession planning.

Succession Planning Rundown

When it comes to business, no one can predict what will happen next week — or even tomorrow. That’s why it’s important to have a plan in place for if or when things change. Key players may retire, become ill and unable to work, or find new positions with other companies. With succession planning, you can prepare for the unexpected.

The idea behind succession planning is to ensure your company has the right people in place, ready to fill certain roles should they become vacant. If a change occurs, you and your current staff can quickly adapt and keep operations running smoothly.

The Benefits of Having a Plan

Planning ahead for something that may or may not happen can seem like a hefty undertaking. But being proactive will help ensure the consistent pace of your business and help streamline any shifts in responsibility. When time is money, having a plan in place provides several benefits for you and your company.

Recognizes employees’ strengths. A succession plan helps you determine which positions within the company are the most vital. From there, you’ll want to evaluate and assess internal contenders to find out if they have the skills and desire to potentially fill a crucial role. Some employees may initially seem right for a certain position but there may be someone else who’s better qualified or shows leadership potential. This process helps to understand the strengths and interests of employees to help the company continue to prosper.

Establishes a training blueprint. With candidates in mind, the company can then determine what type of training is needed based on current skillsets. Identifying potential replacements early on allows time for adequate guidance and development. When the time comes, these individuals will be competent to step into new roles.

Preserves brand awareness. Finding and training internal candidates helps the company preserve its mission, values, and brand. Someone who has been with the company for a number of years understands the vision and can help carry on that integrity.

Helps with long-term strategizing. Having a plan in place provides opportunity for potential replacements to learn specifics about a position from those currently in it. Through this process, you can identify areas of the business that may need to be revised or amended as the company changes and grows.

Developing a (Succession) Plan

Instituting a succession plan helps ensure your business will continue to run smoothly after players in major roles move on or retire. Thinking about a plan is one thing. Developing that plan is essential, so consider these steps:

Pinpoint the roles and responsibilities most vital to the growth of the business
Analyze skills to determine who within the company has the potential to fill those positions
Determine a timeline for training and readiness as well as tenure
Identify vulnerabilities and implement instruction to develop and hone necessary skills
Monitor strengths and weaknesses throughout the company to recognize future talent and develop ways to improve and grow

Think of a succession plan as an insurance policy for your business. Investing time and training into potential replacements now will help you develop a well-rounded team. What’s more, you will have a better idea of employees’ potential as well as options for filling future vacancies without disrupting daily operations.

We Can Help

Successful companies incorporate a lot of moving parts. Focusing on the day-to-day is just as important as preparing your business for the long term through succession planning. The trusted business professionals at Barton, Walter & Krier can help. We’ll work with you to determine a course of action specific to your company and get you started toward securing its legacy. Contact us today to learn more.