by Jonathan Jones
The first step of strategic planning for any business owner is to visualize your ideal departure from the company. If you are not actively involved in the business, the value of the company increases for an outside buyer. To ensure a smooth transition, I urge you to take a step back and imagine what sort of company you want to leave and how it will run without you. To do so, consider the following steps.
First, adopt the job of chief talent officer. While you personally may be aware of the qualities that ideal employees should possess, those who report to you may not. Take the time to document all hiring procedures that you’ve implemented over the years to develop a successful team. Look for individuals who are smarter than you, and then assign them duties that you either dislike or believe you lack the knowledge to carry out. Having complete faith in your employees is essential. Be clear about why you’re hiring and retaining them.
Next, identify multiple successors for critical jobs you are doing. Discuss taking ownership of these areas of duty with them. Encourage your successors to take on greater responsibility and praise them when they fulfill your expectations.
Once you’ve implemented these ideas, take a week off from work to enable your successors to perform and grow into their roles. When you return, go over their progress. Then schedule a month off from work. After you return, conduct a comprehensive review and follow-up. Ultimately you should be able to take a full year’s vacation and be secure in your staff’s capacity to manage the business smoothly without you. This method of “thinking with the finish line in mind” will lessen your stress and considerably enhance your company’s culture over time.
Jonathan Jones (Jonathan.jones@vistagechair.com or 314-608-0783) is a CEO peer group chair/coach for Vistage International.