The importance of succession and development planning

Having a strong development and succession plan is important for Maryland businesses regardless of their sizes. When a supervisor or owner leaves a company, it is important to have talented people who can step into the needed roles so the business has continuity and doesn’t end up failing.

Despite the importance of succession plans, only about 8 percent of businesses have these types of plans in place. Developing a succession and development plan doesn’t have to be difficult, but it should include several key features. After the plan, establishing a development program for key staff that follows the plan can make unexpected transitions much smoother.

Business owners should begin with planning a strategy for the company. The goals of the enterprise should be clearly defined in the plan. Then, the owners should concentrate on helping the staff to develop the key competencies necessary to accomplish the company’s goals. After identifying the leadership skills the business requires, it is smart to then look for talent who possess those key skills. The staff that are motivated to move up into leadership roles should be included in an ongoing dialogue about the needed skills and the direction of the company. This can help them to remain motivated. If there are several potential candidates, encouraging healthy competition between them is also smart.

Business planning should involve planning for succession along with growth and product development, among many other areas. While it is somewhat premature to think about succession at the formation stage, it is never too early to prepare for contingencies. Owners may do well to get help from an attorney for guidance throughout the process.

Landlords: Winter Is Coming

With snow, wind, and freezing temperatures, winter can be especially hard on houses and apartments. Before the chilly weather hits, it’s time to prepare your rental properties for the…