A small business succession plan is a strategy that outlines how an organization will manage the transition of ownership and leadership, ensuring the continuity of the business. It includes steps to identify potential successors, manage succession-related risks and ultimately transfer management and ownership of the business. A succession plan can also help business owners address the financial and legal aspects of the transition.
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
The Small Business Succession Plan template is designed for small business owners, entrepreneurs, and family businesses to plan for the transition of ownership and leadership. It provides a list of focus areas and objectives that should be included in the plan and offers guidance on how to set measurable targets (KPIs) and implement related projects. Additionally, it provides a platform to track progress on goals and objectives.
A focus area is a broad category of goals and objectives that should be included in a small business succession plan. Examples of focus areas include succession planning, financial planning, and communication planning. Each focus area should be broken down into objectives, which are the specific goals that need to be achieved to successfully transition ownership and leadership.
Objectives are the specific goals that must be achieved in order to successfully transition ownership and leadership. Each focus area should have multiple objectives that are related to the overall goal of the succession plan. Examples of objectives include creating a succession planning document, executing the succession plan, and successfully transitioning ownership and leadership.
KPIs, or key performance indicators, are measurable targets that can be used to track progress toward an objective. KPIs should be specific, measurable, and achievable. For example, a KPI could be “Successfully transition ownership and leadership.”
Related projects, or actions, are the specific initiatives that must be completed in order to achieve the objectives and KPIs. Each objective should have multiple related projects that are necessary for the successful completion of the succession plan. Example of a project could be creating a succession planning document.
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