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Planning for Growth & Succession

Planning for Growth & Succession

Planning for Growth & Succession

If you’re an executive or manager, you’re busy. It’s likely your hard work got you to your current position and hard work is the only way you’re going to keep it. Hard work is great, but if all you do is work hard, you’re going to fail at growth and succession planning. Ensuring the future of the firm isn’t about working hard, but working smart.

It’s the responsibility of every executive or manager to have a plan for the future of your company, your division, or your department. This plan is built around talent. The end goal is to ensure that your firm has the right number, type, and quality of people in the right roles, at the right time, to execute its strategy.

Most managers understand that there’s a connection between business strategy and talent. However, very few managers create plans or processes to leverage this connection for the benefit of their business. Below is an action-based outline for talent development and succession planning that supports your firm’s business strategy and goals.

  • Create an ideal candidate profile based on your firm’s strategy. Begin this process well in advance of your expected need. Consider both short and long-term business goals. What experiences, traits, competencies, and skills will this person need for success?
  • Get an accurate assessment of current candidates’ strengths and weaknesses. This is best done utilizing 360 performance feedback from the candidate’s supervisor, co-workers, and direct reports.
  • Think ahead. Don’t just plan how to replace the incumbent, plan one or two moves ahead. Succession planning is an ongoing process, not a one-time event. Dig deep and learn who the potential candidates are in the mid-level and junior positions within your firm.
  • Develop the skills needed for future roles with on-the-job training, coaching, mentoring, and education. Your executive team should make recommendations on how to prepare their successors, spend time mentoring these employees, and advise them on the unique challenges they may face down the road. Leaders should include their successors in routine projects to help them understand their decision-making process.
  • Stay up to date on candidates’ career goals. Have a quarterly discussion with employees about their career aspirations. What are his or her goals? What does he or she want to do? If their goals have changed, your succession plan may have to as well.
  • Put succession planning on the agenda for meetings of your senior leadership team. Succession is an ongoing process. As potential leaders emerge from within your firm, the senior leadership team should be updated on plans so they know how to meets the future needs of the organization.
  • Link your talent management and development planning to your longer-term business strategy. The future is unpredictable. As your business strategy shifts, so must your talent development process.

At the mid-level of your company, proactive succession planning leaves your organization well prepared for all contingencies and ensures a strong talent pool. At the leadership level, the results are even more significant. It allows your business to continually strengthen the leadership team that will support your firm’s strategy and goals well into the future.

Contact our team today at information@promoplacement.com to formalize your staffing and succession plans. There’s no time to wait. The future of your business is too important!

 

Planning for Promo Success in 2015

Planning for Promo Success in the New Year

Planning for 2015As you come out of your holiday daze it’s time to realize that the new year is already here. If your sales plan is in place and backed with the tactics and strategy to achieve your goal, we applaud you.  You are in the very small minority who understands that behind every “lucky” sale you make is lots of work and preparation. You also understand that every “overnight success” comes only after years of experience in the trenches.

If your plan is still a dream waiting to be written down, it’s time to pull yourself and your scraps of ideas together. No success is sustainable without a plan and no plan comes together without focus and hard work.

There are many excuses to not plan for the coming year. We’ve heard just about everyone. However, there is one compelling reason to plan your year that’ll trump any excuse. You must plan for success to make the money for you and your family.

How Do You Start?

You will need information about last years’ sales and top accounts. You also want to look at your margins, top prospects, and your marketing plan.

Top Clients

Start by reviewing your top 20 clients from last year. Do you expect them to increase, hold, or decline in sales this year?  Be realistic here. Your plan cannot be based on hope. Go through this process client by client, adding or subtracting as needed. What does the total tell you about the coming year? Do you need new clients or is your business outlook pretty good?

Margins

How about those margins? A 5% increase can have a huge impact on your income. You can make this increase a reality by buying better and/or developing greater confidence in your pricing strategy. Either way, a bump in margins helps you and your company, and it is pretty achievable.

Account Development

Referrals and account development are two similar sales-building techniques that are very effective. If you currently work with an HR buyer, it’s very easy to ask HR who else in the business buys promotional products. Ask your buyer to make the introduction and you’re in. Account development involves a plan to move from a handful of buyers to a broad network of buyers. It’s easier to build within clients than it is to get into an unknown client. By using email, social media, mail, phone, and referrals, a large network of buyers can be won over in a fairly short period.

Buddy System

If you have a sales manager or mentor who will help this process, be sure to utilize their support. If not, team up with another account executive so you can work on this project together. It’s going to take four to five hours but is well worth every minute you spend.

Ultimately you are accountable to yourself and your family to make this year the best year ever. Plan your activities, work the plan, and check on your progress every week.