Succession Planning

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Definition of Succession = A number of similar events or people that happen, exist, etc. after each other

The key word in the above definition is ‘similar’.  Small businesses are typically built around the creator or business owner.  They do what they do and hopefully they do it well.

The key question for a business owner to ask themselves is ‘what do I want from my business?’  If the answer includes lifestyle and growth then I believe it is vital to have a succession plan.

I visited my fantastic butcher, as I do every week, and asked him how his summer break was.  He took the public holidays off and told me that he can’t go on holiday as there is no one to run the business when he is away.

Does your future as a business owner look like this?  It might work for some people but I am assuming that for most it wouldn’t.

So how do you plan for taking time off?  With my passion for being organised it is easy to guess my answer!

The first step is to make sure that your business is financially viable.  I have been working with clients and their accountants recently to put together simple but effective budgets. This makes sure that your business can actually afford to support your chosen lifestyle.  In your budget you need to include provision to pay someone whilst you are away PLUS have enough to pay for the trip (and treats!) and your normal overheads.

When you are confident that financially you can leave the business the second step is to make sure it can run without you.  Putting simple but effective systems in place and recruiting the right people to operate them will lead to FREEDOM!

To do this I recommend you take a step back from the day to day running of the business and understand the roles and responsibilities required to successfully run it.  Review what works and what doesn’t work.  Look at the business in terms of roles and not people.  Put it to the test – take a day off and see what happens.  You might be pleasantly surprised to find that your business actually runs better with you out of the way!!

This is the process that I love supporting clients through so they can live their dream lifestyle, spend more time with family, friends or just on themselves!

Top Tip - What could you be doing NOW if your business was running without you? Failing to plan is planning to fail!

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