Business Strategic Planning
BusinessAide is an expert in the field of business strategic succession planning, and it is important to note that there are two very different elements to a succession plan within any organisation.
How ready are you to exit your business? BusinessAide can assist with that strategy.
Long-term business succession planning
For longer-term planning, a succession plan will secure the future of your business when you are in a position to want, and are able, to leave. It is a strategy which determines the best way for you to exit your business whilst ensuring the business continues to operate successfully.
The main factors to consider:
- Are you going to keep the business in the family and transfer it to a family member or members?
The legal obligations that would be created need to be considered, as does the affect this change may have on existing family relationships. Are there going to be issues with two sons taking over the business of the father? Are they compatible in a working sense? Are there any other family members who would feel slighted if they were not involved in the future of the business? These are sensitive and delicate issues that need to be addressed.
- Buy-sell planning.
Buy-sell agreements are legally binding contracts. A buy-sell agreement is a binding contract that determines when owners are able to sell their interest, who is able to buy an interest, and at what price. You need to ensure that your business is protected against the unexpected – events such as an owner’s retirement, illness and incapacity or sudden death.
A succession plan is essential to securing the future of your business. If a tragic event took you out of the picture, there may be no one to take over the business and its future is effectively left to chance. At BusinessAide we will work with you to ensure that you have a realistic plan that is achievable and creates a smooth transition if and when required.
Business strategic planning
The second element of succession planning and one that is central to business strategic planning is more relevant at the outset of any business development or during a period of growth. It is a process where your organisation needs to ensure that employees are recruited and their skills developed to fill all the important roles in your company.
Strategic business planning means that you recruit the best employees for the role and work to develop their skills and abilities and prepare them for progression through the organisation. BusinessAide works with clients to audit and improve business processes and ensure that the business is run as efficiently as possible. We advise establishing a culture of consultation and continuous improvement for every employee to ensure long-term workplace harmony and profitability.
BusinessAide can help you with your business succession planning by ensuring that the skills and abilities of every employee is regularly developed to successfully carry out each and every role. If you are in a period of growth, you want to be able to cope with the loss of employees and use these sometimes unexpected events as an opportunity to provide promotional opportunities for existing employees. With a well-established succession plan and business strategic planning, your organisation will be well prepared for growth, the loss of a key employee, the promotion of existing employees and have the procedures in place to fill any newly created roles.
Current and existing employees will always appreciate the time and attention you are investing in them to develop their skills and abilities. It is incredibly motivating to know you have a realistic and achievable career path at the company where you are employed.
BusinessAide can assist you with performance management of your current employees as well. Establish realistic KPIs. We will help you create a work environment where your people are enabled to perform to the very best of their abilities, from their first day to their career progression with you.
The first place to start is to ensure your job descriptions are clear and concise. BusinessAide can help you develop these so that you attract the best and most appropriate candidates for each position.
When staff are first joining your organisation, provide timely orientation and relevant training to make their transition as seamless and productive as possible.
Providing on-going coaching and feedback is vital too. Taking the time to discuss performance expectations and achievements is important. This will also give you the time to discuss and find solutions for any problem areas regarding performance that may arise.
BusinessAide recommends providing promotional and career development opportunities for all staff members. As already mentioned, this is a great motivating factor for every good employee.
Business strategic planning advice will help you and your business to employ and hold on to the most productive and suitable staff for your business. Our Melbourne business coaching and mentoring can also work in conjunction with succession planning to put your organisation in the best possible position to achieve success. Our services are also available in Geelong and regional centres across Victoria. Contact us today.