Running A Business: Lesson 2

Succession Planning

Professor of business management, Tom Timmerman, discusses succession planning. 

Topics:

Video Lesson Topics

- What is Succession Planning?

Succession planning is having a plan set in place to replace key leaders in their absence. Small businesses can be especially vulnerable in the absence of their leaders due to being thinly staffed.

- Identify Key Roles

Some positions are more critical to a business than others. The more devastating the absence of a specific leader, the more important it is to have a succession plan in place.

- Identify the Competencies Required for Key Roles

Job descriptions and analyses are useful in identifying specific and useful skills in certain key roles. These important competencies refer to knowledge and skills needed to do the job. 

- Identify People Who Have These Competencies

Once specific skills are identified, finding people within the organization who possess them can be easier. With preparation and training, they can move into the needed leadership positions.

- Identify Gaps Where Competencies Do Not Exist

Sometimes competencies that are needed in a specific leadership role cannot be found in any other employees within the business. When this occurs, training and development plans become important to have in place.

- Plan for the Actual Transition

Communication is crucial in transitioning employees into leadership roles. Employees should be made aware of the importance of the process and why it’s being done.

Topics & Lessons

Each Below Topic Contains a Video Lesson and Helpful Downloadable Information

6:30

Leadership vs Management

4:59

Succession Planning

10:06

Work-Life Balance

6:54

Business Growth

4:48

Time Management

8:33

Decision Making

2:20

Strategic Planning

4:00

Preparing for Your Business Expansion

10:38

Delivering Your Product/Service to Your Client

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