If you’re running a business, you should have a contingency plan in case one or more key people leave, no matter if it’s because of retirement, death, a disagreement over strategy or a job opportunity at another firm. In some cases, such planning is crucial to ensure an orderly transition in ownership. It is an important part of any business plan, and can come in handy in the event of the unexpected.
Companies that address continuity planning are more likely to continue their success. They’ll have the skilled leaders in place to maintain their momentum. Those that don’t pay enough attention to this important task may struggle as they try to figure out next steps.
To be sure, it takes time and a thorough analysis of your workforce to develop bench strength at key positions throughout an organization. You’ll need to pinpoint individuals who seem well suited to serve in more senior jobs. It may also require an examination of insurance products that can protect a company against personnel losses. But the benefits are potentially significant. Below you’ll find a number of issues to consider as you develop a continuity plan.