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Fortify your succession plan with timely updates

On Behalf of | May 23, 2022 | Business Succession Planning |

In an unexpected situation where an immediate need arises for new leadership, your succession plan can eliminate a lot of confusion and uncertainty. You can provide detailed instructions for people involved in the operations of your business.

Following the guidelines, executive-level employees can prevent discord from thwarting progress. Regularly updating your plan will guarantee its function despite internal and external influences.

When to update

A number of instances could trigger changes in your company that require updates to your succession plan. These may include the following:

  • Updates to leadership
  • Relocation of company headquarters
  • Development of new products
  • Economic turmoil
  • Corporate restructuring
  • Substantial increase in profits

Changes in your personal life might also create the need for an update, for example, marriage, divorce, births of children, health problems and relocation.

How to update

You will want to involve your legal team any time you make changes to your master plan. According to Entrepreneur, your succession plan might address required skill sets, leadership strategies and development resources for high-potential employees. Disregarding updates might jeopardize your plan entirely and leave successors scrambling for solutions. At the earliest sign of a notable change in your personal or professional life, make updates to your plan to reflect those changes.

Openly discuss any updates with people who will feel the impact. Even if you have no significant changes for a length of time, periodically review your plan and verify that it still meets your expectations. You have worked hard to build a company you feel proud of. A fine-tuned succession plan can help you protect the core of your organization and lay out a sustainable leadership strategy.

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