There is a lot of hype these days around how to build a business and how even mature organizations think of themselves as operating as though it’s Day 1, but what happens when you’re approaching your last days in the business? How can leaders coach future leaders who will succeed them in their business?
Creating a pipeline of competent leaders, a process commonly referred to as succession planning, is one of the core responsibilities all business owners must take on. Their job is not just to ensure success today, but to set up the company for success tomorrow as well. A company must always keep an eye on its future, and the people who are going to make it happen.
Business owners can’t just sit back and wait for new leaders to arrive. Leaving talent development to chance isn’t a good option for any organization, but it’s critically important for business owners who are thinking of retiring or who have an aging workforce. This is why we must actively identify employees with leadership qualities and then find ways to nurture and develop that potential.
Here’s a look at the simple steps you can follow to groom leaders for the future in your organization:
Step 1: Invest in good people
To begin, invest in top talent. You should pay competitive wages to the people you envision as future leaders in your company. There’s no point in investing additional resources in them only to see them disappear to a competitor offering more money.
Step 2: Recognize good employees
Ensure your future leaders understand the importance of being acknowledged for their accomplishments. Building a workplace culture that values hard work not only boosts morale but also teaches future managers that this is a workplace that appreciates hard work.
Step 3: Teach time management
Since there will never be more than 24 hours in a day, a key to developing team-leadership skills is mastering time management.
Invest in the products and training that will help your future team leaders maximize the time spent working each day.
Developing time-management skills in future leaders, whether through software, mobile apps, seminars, or one-on-one coaching, will pay off when projects are effectively managed and completed on time.
Step 4: Communicate expectations
Without a clear understanding of the required leadership qualities within the company, employees will be unable to take the lead, make judgments, or take initiative. Your company must embrace an empowerment mentality as the standard, not an exception. Leaders need to nurture team members who have demonstrated leadership potential through constant communication.
Step 5: Lead by example
Your investment won’t cost a dime, but it’ll pay off tenfold. Lead by example for your employees. Be professional, be decisive, be ethical, support your employees and treat them well. You should model the team leadership skills you want to see in your workforce every day.
Being a mentor and having the opportunity to help build someone into a person who can take over for you when Day 1 is over is a rare opportunity. I can help you feel confident and prepared for this monumental task.
If you’re working towards mentoring future leaders, join the growing community of people benefiting from the Maestro Mindset and get in touch with me to find out more. Why not sign up for my newsletter and be the first to hear my latest news and offers.
