Winning: Succession Planning as an Offensive Business Tactic

I'll admit that I use the gloom and doom approach when marketing our succession planning services. What if your CEO gets hit by a bus?! I use that tactic because it gets attention faster.

But there are plenty of positive reasons to use succession planning in your business. Succession planning isn't just a way to mitigate risk and avoid catastrophic consequences. It can also drive innovation, enhance stability, and foster long-term growth.

Think of business like a sport. Crisis management, compliance, risk mitigation, and maintaining quality are all defensive strategies. Offensive strategies are designed to seize opportunities, drive growth and innovation, and establish a competitive advantage. Aggressive marketing campaigns, innovative product launches, and strategic acquisitions are offensive strategies.

So where do people fit in the offensive strategy?

Having the right people in the right positions at the right time, are all key. Succession planning, when aligned with an offensive strategy, goes beyond mere risk aversion to become a catalyst for success.

Two Businessmen Playing Football

THE BENEFITS OF OFFENSIVE SUCCESSION PLANNING

  • Driving Innovation and Continuity
    By identifying and nurturing future leaders from within, organizations can ensure a continuous flow of fresh ideas and perspectives as higher potential employees are exposed to diverse experiences, challenges, and perspectives, they naturally develop innovative mindsets and problem-solving skills. An internal pipeline of talent can drive initiatives that keep the company at the forefront of industry trends and technological advances. Companies like Google and Apple have strong internal succession plans that not only safeguard leadership continuity but also maintain innovation.

  • Eye on the Future
    Succession planning is not just about stability in leadership but also stability in the company's vision and strategic direction. Knowing that there is a clear plan for leadership transition encourages bolder decision-making and long-term investments, aligning with an offensive strategy aimed at growth and market leadership.

  • Attracting and Retaining Top Talent
    Top-performing companies don't wait for leadership gaps to appear; they continuously cultivate a pipeline of future leaders. Companies that prioritize succession planning signal their commitment to employee development and career progression which makes it easier to attract high-caliber talent. Likewise, existing employees are more likely to stay and invest their efforts at a company that provides a clear pathway to career advancement (not solely leadership roles). Talent retention is critical for maintaining competitive advantage and operational excellence - key elements of an offensive business strategy.

  • Competitive Advantage
    We recently worked with an engineering firm that had a headquarters in one state and five branches in three other states. In a private conversation with me, the CEO shared that the company could probably triple revenue if all of the branches offered the same services that headquarters offered…but they simply did not have the right personnel at their branches to offer each line of service. That's a “perfect” example of a lack of preparing for growth and competitive advantage.  By preparing future leaders well in advance, companies ensure that they have the right people ready to lead projects, enter new markets, and drive initiatives. In other words - they have a competitive edge.

  • Cultivate a Leadership Culture
    Offensive succession planning promotes a culture of leadership throughout the organization. It encourages a focus on developing leadership qualities at all levels, ensuring that core values, vision, decision making, strategic thinking, and accountability are part of the organizational fabric. A leadership culture enhances the company’s agility and resilience – which is a non-negotiable these days. AND this approach is hugely attractive to GenZ who have witnessed or experienced a number of “life events” that have shaped their perspective on the security of a career and continuous learning in order to be agile and in control of their future.

Shhh, it's your secret advantage
Given the fast-changing business environment of the 2020’s, companies are constantly attempting to outmaneuver the competition. Here’s the “secret sauce:” succession planning.  It’s not just a defensive measure- it’s a powerful offensive tactic.

This article was originally published on LinkedIn.

Nanette Miner