In the current unstable nature of the world, it is now more important than ever to have a succession plan in place to protect your business says New Zealand’s premier accounting professionals, Tauranga-based Tutbury & Associates Limited.
What would you do if you lost one of the leaders in your business? What are the steps you take to ensure a smooth transition? This is where a succession plan comes into play. “Many business owners get so busy with the day-to-day operations of their business, that they forget to make succession planning a priority,” advises Kelly Tutbury, Accountant and Managing Director at Tutbury & Associates Limited.
A succession plan helps businesses categorise the vital roles in their companies and the personnel that are best suited to take up those roles in the future. “Starting succession planning may seem overwhelming at first, but the sooner you start, the quicker you can rest easier that your business is shored up for the long haul,” says Kelly.
The succession planning process makes you scrutinise your organisational chart so you can better understand possible vulnerabilities and can bring to attention the need to train key employees in certain or multiple roles. “If there are no candidates within the business who seem right for leadership spots then you know to start an external search as one of your early steps,” adds Kelly.
Smart succession planning provides improved and targeted employee development which leads to better-quality employee morale and increased workforce productivity. Planning for the future is something you should approach with a positive and excited mindset. And if done properly it can inspire your staff to stay engaged and maintain loyalty with the business.
If you have any questions or issues about how succession planning can benefit your business, don’t hesitate to contact the friendly and professional team at Tutbury & Associates Limited. Tutbury & Associates Limited can help you with your succession planning and accounting needs.
About Tutbury & Associates Limited:
Tutbury & Associates Limited has worked hard to build their reputation of excellent customer service by working interactively with their clients and making sure that their clients get value for money. They are ideal for ideal for trades people, or anyone who wants to grow their business.
Contact Tutbury & Associates Limited:
Phone: 07 576 2194
Address: 23 Myres Street Tauranga