Management continuity requires having a strong team and a deep bench of talent. This involves having well-defined recruitment strategies, as well as programs in place for key manager acknowledgment and retention. When working on succession planning, it is essential to maintain the leadership and ensure that the management team is still intact to maintain the integrity of both the business and your legacy.
Why Is it Important?
- Business success and succession planning are not solo endeavors. Business value is locked in the resourcefulness, commitment, enthusiasm, and teamwork of your management team.
- Achieve performance goals. Your management team’s ability to optimize your business’ resources is crucial to the current and future success of the business.
- Secure your legacy. When it comes to ensuring that all of the hours and hard work you put into your company go to waste, having proper succession planning is essential. Without a clear leadership team and thoughtful direction, companies can spiral out of control quickly.