Succession planning – not just an exit plan
Back in 2011 we wrote a blog on succession planning that referenced our feedback from over 500 private enterprises we had been in contact with. Seven years …
5min Read
That artificial line in the business calendar that is Christmas is in sight. Many business owners and leaders have not only survived but thrived in the face of the year’s challenges. As we approach the end of the year, it’s important to take time out to reflect and plan. Here are our reflections on some of the key events from this year and the lessons and questions they inspire:
In January 2022, world No. 1 tennis champion Novak Djokovic deported from Australia following a high-profile legal case regarding his COVID-19 vaccination status, preventing his participation in the 2022 Australian Open.
- Lesson: No matter how high-performing a team member may be – you must ensure they are engaged and aligned with your core cultural and strategic intent.
- Question: Are your organisation’s core cultural and strategic intentions clear to all of your people?
In February 2022, Russian President Vladimir Putin signs a decree declaring the regions of Luhansk and Donetsk independent from Ukraine, and begins a full-scale invasion of Ukraine despite international condemnation and sanctions.
- Lesson: Disruption and competitive threats can appear at any time – often with little warning. Ensure you conduct regular competitor and risk analysis, contingency planning and have sufficient reserves on hand to withstand unexpected events.
- Question: What are your competitors and alternatives REALLY up to? How could this impact you? How would you potentially disrupt yourself?
In May 2022, the Australian Labor Party, led by Anthony Albanese, wins the Australian federal election and forms a majority government for the first time since 2007.
- Lesson: Product-market fit matters! Organisations must know whether they have a product with market appeal before they dive into the delivery phase to avoid wasting time, effort and money.
- Question: Where have you achieved product-market fit? Where haven’t you?
In July 2022, the first operational image from the James Webb Space Telescope, is revealed to the public. Webb will study every phase in the history of our universe, ranging from the first luminous glows after the big bang, to the formation of solar systems (including ours).
- Lesson: Mark Twain once said that “History never repeats itself, but it does often rhyme.” The better and clearer your organisation’s visibility on historical data and results – the better equipped you are to identify trends, issues and opportunities to be investigated, solved and capitalised on.
- Question: How effective is your monthly reporting? Is it clear how you are tracking towards the achievement of your most important operational KPIs and strategic objectives?
In September 2022, Liz Truss is appointed Prime Minister of the United Kingdom. In October 2022, Liz Truss resigned from her post after just 44 days in office, making her the shortest-serving leader in UK history.
- Lesson: Leadership is defined by the presence of followers, those in your team that actively choose to follow the direction you set – even when they have a choice not to.
- Question: Which of your leaders REALLY have follow? Which don’t?
In November 2022, the world population reached 8 billion. Australia’s unemployment rate remains at 3.5% – its lowest since 1974.
- Lesson: The talent pool is tight and your employer brand and value proposition matters!
- Question: How will you attract and retain the brightest and best in 2023 and beyond? What can you do to enhance your employee value proposition?
Personal Reflections
The Christmas break is the perfect time to reflect and plan. To help, we’ve included a link to our Personal Development Roadmap – a practical exercise to help you reflect, reset, and set yourself up for continued success in the year ahead.
PERSONAL DEVELOPMENT ROADMAP: download IT HERE
As James Clear famously said, “You will never find time for anything. If you want time, you must make it.” Use the Xmas break to think and plan, and you will reap the rewards in the new year.
We wish you all the best for a safe and healthy Xmas break.
The Checkside Team
You might be interested in
The false economy of hosting your own strategic planning sessions
Great strategy development requires the whole team to rock up on the day match fit, ready to give it their all. Strategy consultants are integral to delivering an optimal outcome and provide good return on investment when considering the cost of implementing a strategy that falls short of the mark and/or has less than 100% buy-in from the senior team.
3min Read
Adaptive strategy – focus on learning and application to accelerate your performance through uncertainty
The changing landscape has led to an increased need for businesses to assess the status quo and update their business model quickly. As a result, the required skills and optimal mix of talent are changing, and as McKinsey & Co outlined in their recent article ‘To emerge stronger from the COVID-19 crisis companies should start reskilling their workforces now’, companies are facing a steep learning curve coupled with an accelerating need to enhance the capability of their talent pools.
2min Read