One area of planning many entrepreneurs often overlook is grooming the next generation of leaders and managers for their organization. It is just part of the entrepreneurial nature to believe that they are invincible, irreplaceable, and will be around forever. But the fact is that just the opposite is true: Whether by your own choice or due to circumstances beyond your control, at some point, you're going to leave your company--and you want to leave it in good hands.
Designate your successor long before your own departure--whether you are looking at retirement or starting another venture. The person you select should have both the ability and the willingness to do the job. Once you've identified your successor, you need to prepare him or her to take over. The best way to do that is by providing the experience with a hands-on, planned rotation through the key areas of the company to build the necessary and appropriate skills, as well as working closely with you. It also helps the process be more effective if you let others in the company, as well as your customers, know what you're doing.
It should be made clear to everyone that this person is your heir-apparent. Other employees and even customers will usually be enthusiastic about helping the up-and-coming leader, which contributes to a seamless transition when the time comes. Also, when an individual knows he or she is the next in line, his or her loyalty to the organization is strengthened.
Five years or less is a good time frame for designating and developing a new leader. If you plan for more than five years, the enthusiasm for the new role will wear off. Also, there's an excellent chance the person will be recruited away from you. Most people who have the potential to be the top dog aren't patient enough to wait more than five years to take over.
An important point: Don't confuse grooming your company's next leader with developing managers. Leaders set the tone, the vision, the direction for the organization. They are the people who are out front leading the charge, and usually in a small organization, there's only one of them. You may have several managers; they are the ones who manage outcomes of individual activities and departments, and they need to be developed and trained so they are prepared for and can manage their departments into the future. Managerial development is often incorrectly referred to as leadership development. Know the difference and be sure you are doing both.
Jacquelyn Lynn is the editor of Flashpoints newsletter. Flashpoints is a comprehensive information resource for business owners and managers who want to take their operation to the Flashpoint. Visit http://www.theflashpoints.com to sign up for a free subscription to Flashpoints newsletter plus an extra free gift: The Mindset of High Achievers by JK Harris and Jacquelyn Lynn.
In addition, Jacquelyn Lynn is the author of more than 20 books, including Entrepreneur's Almanac; Online Shopper's Survival Guide; Make Big Profits on eBay (with Charlene Davis); In Search of the Five-Cent Nickel (with Don Abbott); and 11 titles in Entrepreneur Media's StartUp Guide series. Visit http://www.jacquelynlynn.com for more details.
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