Losing a key staff member can damage a business, especially if a replacement has not be identified.

Succession planning is a key to business survival.

Succession planning is an ongoing process of identifying and preparing potential candidates to fill key positions when they become vacant. It should also include developing systems to capture the expertise of key staff to reduce the impact of their possible departure.

A succession plan is a document that sets out the intentions of the business when replacing key positions.  It may also include a formal development path involving training, coaching and mentoring for any staff selected for successor roles.

Contact your local Business Advisory Service for advice on preparing a business succession plan or identifying consultants who can advise on the process.