Future Leaders are the Key to Lasting Success

Take a moment to consider this question: what would you say is your business’s biggest asset? If you ask us, the answer is clearly your people. 

Identifying and investing in the future leaders of your business is more important now than ever.

Your company is only as strong as your team, and your team is only strong if it accounts for the future. Turnover is at an all-time high, yet still 75% of small businesses don’t have a succession plan. Identifying and investing in the future leaders of your business is more important now than ever.

Failing to have a solid bench strength is like going into the playoffs without a single substitute. You have a great team that you believe in, but they’re only human and life happens. Don’t get caught off guard by a curveball. You have to have a backup plan for when someone inevitably needs a replacement.

The two biggest mistakes companies make when it comes to replacing their leaders are neglecting to plan ahead and failing to look inward.

Without an effective succession plan, your business is going to take a hit. First of all, not having viable successors lined up often means that underperforming executives are left in place for far too long, causing prolonged suffering of the business. Second, companies that cannot swiftly replace their C-suite openings when necessary are almost guaranteed to experience significant devaluation. Being inadequately prepared for a crisis, or even the simple fact of time, can cause a huge blow that otherwise could have been easily avoided.

The unfortunate truth is that most companies fail to pay enough attention (if any) to their leadership pipeline. The two biggest mistakes companies make when it comes to replacing their leaders are neglecting to plan ahead and failing to look inward. Businesses, big and small, would greatly benefit from putting more focus on hiring for leadership potential and grooming the talent that is already on the team.

People are trained to focus on what’s right in front of them  — the immediate tangibles rather than the distant abstracts — so the thought of developing future leaders is one that rarely crosses the mind.

Building a roster of future leaders requires a company to plan and think proactively. Such pre-planning is required to ensure a reliable bench strength, the retention of high performers, and the cultivation of high demand skills. This is something that takes dedication and constant nurturing. 

The day-to-days of business tend to take priority, leaving long-term strategy long forgotten.

People are trained to focus on what’s right in front of them  — the immediate tangibles rather than the distant abstracts — so the thought of developing future leaders is one that rarely crosses the mind. It’s tricky, because that doesn’t feel like a problem until it smacks you in the face like a ball out of left field. The day-to-days of business tend to take priority, leaving long-term strategy long forgotten. As long as there is effective leadership now, people don’t realize that that’s not a self-sustaining model. 

The only succession plan that is truly going to be effective is one that relies on hiring tomorrow’s talent, today.

So, how can companies better prepare themselves for the future? The only succession plan that is truly going to be effective is one that relies on hiring tomorrow’s talent, today. There is no guarantee that you’ll be able to find the perfect CEO at the drop of a hat, or that they’ll be willing to take the offer. You can, however, hire future leaders with a succession plan in mind. Look for talent that shows potential for strong leadership and eagerness to do so when given the opportunity. Put internal grooming measures in place and provide mentors, workshops, and the promise of opportunity. Build the team you want to have, and invest in the leaders you need. Future leaders are the key to lasting success.