In a good world, the CEO selects and prepares a successor. He appears at his retirement party, collects a gold watch, and then strives to live a happy life in the teeing grounds and sets of vegetables.
His successor jumps to the throne, changes well, and everyone lives happily ever after. Unfortunately, there is a huge gap between the good and the bad, because business leaders who go out of their way unknowingly take the wrong approach to planning succession.
Most managers work on the basis that the incumbent should be appointed to positions. This is a common mistake that can easily get the results you want. Suppose you run a multibillion-dollar company a year, and you know that in the next ten years, you will be stepping down. Your current strategy revolves around two senior vice presidents and a group of executives.
They are all doing a good job right now, but no one knows how to fill your shoes at this time. The current plan is to take one or two managers and make them quick over the next few years to take VP-level positions: operational and financially. Then, after a few more years, you will begin to train them to do your job. So what's wrong with this?
First, most employees will not complete a 10-year track. The average employee will probably leave a guaranteed article, which pays more than waiting for your turn to get possible promotions. Long-term care may apply to your parents 'or grandparents' generations.
But considering how often jobs and companies change today, most employees do not live in the same company during their tenure. You do not have much time to spend: do not look away and wait to do something. Second, if you teach someone how to be a manager or vice president, you will find a manager or vice president ... not a CEO. The role of CEO, owner, or president is NOT the same as a lower position.
Managing a department requires different skills and knowledge than leading an entire organization. Preparing a replacement takes two steps. Step 1: Take your fan one day under your wing and teach him or her exactly WHAT and how to do your job. Someone with proven talent. He is not a person who can sell himself for his long-term ambitions.
Maybe you have more than one person in mind… maybe two. Put both in place of management around 2 to 4 years. After that, choose one and let that person work with you for a few years. It is very unlikely that he will jump into a boat, because he sees the future with a goal. You can also see if this person can do what you need without having to wait a long time and invest a lot of money.
A practical individual order ensures that you meet the needs of your organization and your personal schedule. Step 2: Teach by looking at the top of the mountain. Do not assume that the person you have chosen is able to see what you see and are in the same place. Getting a big picture takes time. You have to combine the seven key areas, showing how each affects the company as a whole. Of course:
1. Financial Information. How to read, interpret, and make ethical decisions on balance sheets and income statements. Prospects need to know how to plan deals, work with banks, manage costs, develop budgets, and forecast performance.
2. Staff issues: The CEO is at the forefront of the food and employment chain. While trust in HR is important, the strategic decisions of a senior manager have major implications for the successor to understand. Deciding on profits, vendors, and management is a difficult task. Show how a decision, such as choosing one vendor over another, affects many areas, from the way your company gains access to potential customers to how the company retains employees.
3. Basic Law: Managers make decisions that include contract law, environmental law, and OSHA law. Teach the pastor the basics you know, and how to seek legal aid, when, and where.
4. Marketing Strategies: The CEO sells all the time, and the top sales process is very different and far reaching far beyond the sales and marketing departments. Managers sell to banks, the media, employees, retailers, lawyers, accountants, and venture capitalists, in addition to clients. Each is a different auction. One may be for business, another may be for money, and still another may be for saving money or for developing relationships. A hope that has all the other skills but one that can sell its ideas well will never make a great leader.
5. Marketing Strategies: One CEO visits clients at least once a year, as corporate client projects involve large dollars. Personal contact enables her to meet customer needs better than competitors who only use email. Although expensive, with $ 5-20 million on the line all the time, his strategy is a smart financial move.
6. Industrial Information: Your VP for jobs may be on the job for 10 years and not know how to get to the conference, who to rely on, and with whom to build relationships. A VP without your professional education may not be able to measure trends or charge in the future successfully.
7. Strategic Thinking: A potential candidate should know how to plan and think of a business as a single entity rather than as an independent department. This means building new products and services, purchasing new tools, or competing viewing.
The proper way to organize a sequence is twofold. Start by noticing today's competitive schedule and include a potential replacement early in the process; this way you do not lose your good hope in another company. And then, make sure you teach him how to be a CEO who can see the big picture; do not bother to teach him what he can be below. By using the above information, you will put yourself in control, and you will build a strong, competent follower.
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