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Its easy to say that failing to plan is planning to fail (it is!), but there are other reasons that private enterprises fail at succession planning, or never get started on it in the first place.
Over a wide-ranging lunch discussion with an investment banker yesterday, I got a very familiar answer to the often asked question ‘what is the number one thing you look at when investing in private companies’? Without hesitation the reply was ‘the quality of the management team’.
When it comes to strategic planning, most companies will complement their business strategy with financial modelling and budgets, which is exactly what they should do. But very few emerging and mid-scale companies invest in a detailed HR strategy and workforce plan.
The idea of a One Page Strategic Plan or Strategy On A Page (SOAP) is not a new one and there are various models and templates available. However, most companies fail in the development of same, or simply give up, because they find that there is a lot more work in achieving simplicity than they expect!
When you get the right people in the right seats, you establish the foundations for maximising the potential of your business. However, there is a lot more to it than just that.
Would you be surprised to know a vacant leadership position may cost growth businesses into the millions of dollars per week?