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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 3 min read
Succession planning can seem like a monumental task: you’ve got to develop a realistic plan for retaining and grooming talent, ensuring a smooth financial transition, and execute your plan all while you keep your business running day to day. It sounds like too much! The truth is, however, that succession planning doesn’t have to be difficult. There are things you can do to make it easy.
The day-to-day procedures that keep your business functioning are second nature to you now, but they won’t be second nature to your successor. You can ease the transition by starting to document procedures now.
If you try to tackle this task all at once, you might feel overwhelmed and forget some of the details. Take your time and clearly document your standard operating procedures (SOPS) for each department so they’ll have these important training tools once you’re no longer available. It will ensure more accurate workflow and help with training as new people are hired.
Succession planning often involves lots of to-do lists, but if you don’t create a timeline to go along with your lists, the tasks could pile up or be pushed too close to your targeted transfer date. An effective timeline makes your goals seem more manageable, and it allows you to involve more accountability in your plans.
As you delegate some of your succession planning tasks, make sure you keep track of which tasks were delegated to which person, and have them report back by the due date. Staying on top of your timeline will help you to meet your succession planning goals.
As you pull talent from your ranks in order to fill executive positions, it’s important to backfill your successor chain. Why? You never know when you’re going to need to replace another executive, and if you’ve been grooming a steady supply of talent, your company will remain robust and competitive.
There are so many benefits to backfilling the successor chain. You get a chance to pull younger, tech-savvy people into positions where they can really make a difference, and you can mix older more experienced people with those who are more future and growth oriented.
As you can see, succession planning doesn’t have to be difficult. Reach out to us for more information about success planning and what it can do for your company and your own personal future.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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