Succession Planning Series: Week Two – The Importance of Leadership Development
BlogBusiness EvolutionLeadership Development Posted: Wednesday 17th June 2015 by
This week we will be discussing the importance of leadership development for SMEs in relation to succession planning.
Leadership development is an important part of any succession planning strategy as it gives owner-managed businesses the opportunity to develop home-grown talent and competency in order to remain agile and competitive in an ever-changing market.
Staff Investment & Talent Growth
If your business has ambitions to grow and become a major player within your sector, then providing your staff with the opportunity to develop their skills will ultimately have a greater impact on your bottom line.
Motivated and trained employees will inevitably drive the growth of your business; if you empower your people to take ownership of the day-to-day operations then this will help you identify the talent within your organisation and the gaps where external expertise is necessary.
Investing in your current staff and recognising the talents of your emerging leaders is not only crucial to business success, it should also form a vital part of your succession plan.
Managing & Leading Change
SMEs are often owner-managed, so talent development within your workforce may not be a top priority. However, as your business grows there is always a need for your emerging leaders to step-up and lead from the front.
In order to plan for leadership succession and change within your business, it’s important to carefully consider the necessary qualities, value drivers and behaviours that will support success and help you to achieve your short, medium and long-term commercial objectives. By creating job descriptions with clearly defined expectations, together with the creation of an enabling environment, you will be able to better align your organisational structure to your business goals.
Managing change by empowering your staff and supporting individuals to find and recognise the value in adapting the way that they work to better support the business will reap long term benefits.
Developing a Leadership Strategy
Leadership is more than hiring, firing and inspirational speeches. In order to develop an appropriate leadership strategy for your business to ensure your long term success, your current and emerging leadership team need to be singing from the same hymn sheet. To achieve this, we’ve put together four key steps:
1 – Unite your team: the old saying ‘united we stand, divided we fall’ is never truer than when in the context of leadership success or failure. By uniting your entire team, you can force out negativity and focus only on what’s important to your business.
2 – Share your vision: there is nothing more frustrating than a boss who keeps his or her vision for the future of the company to themselves. Be clear on what you want to achieve and encourage your team on a daily basis to support you. With your whole team working towards and contributing to a common goal, you will greatly enhance your chances of success.
3 – Be accessible: your leadership team will not thank you for remaining behind a closed door. Be sure to meet with them often, listen to them and talk about their fears and plans for the future. By being accessible to your key talent and leading from the front, you will naturally develop a positive and energy-driven environment.
4 – Stamp out negativity: the fastest killer of any business is a negative culture. No matter what your industry, if your own team have nothing good to say about your business then your customers, clients, suppliers and employees will rapidly form a negative opinion of not just your company but of you personally. By stamping out any negative vibe before it has an opportunity to breed you will keep your workforce happy and your reputation positive.
For help with your succession planning requirements or for more information, call Human Results on 01952 288361 for a no obligation, confidential discussion.