Inherit and continuity planning for your business
Today is the first day of the fall, seasonal changes often remind us that future planning is something we often overlook until it becomes absolutely necessary.
There is a season for everything, and your career is no exception. At some point, current leaders will give way to new leaders, whether you want to do housework at home or prepare a trading strategy, you need to consider the blueprint for preservation, evaluation and future.
The importance of the plan
If you have not yet developed a plan to ensure business continuity, you should draft one. The program not only benefits the next generation of leadership, but also provides a clearer picture of how your business is now working and how well you are prepared for growth and change.
When the new presidential candidate is about to be elected, many voters worry that the current public officials will leave a mess for the next president. The same happens when companies change hands.
You don't want to keep your company in the current state so that someone can inherit or enter. If you don't have things that you learn to ignore or solve, they may not be accustomed to doing so. As long as someone adapts to the new environment, systems and responsibilities, the possibility of error and the possibility of mismanagement will increase greatly.
Andrew J. Sherman writes that only 35% of family businesses survive the first generation of industries, and only 20% of family businesses can achieve third-generation industries. Source: Entrepreneurship.org "Understanding the basic principles of inheritance and transition planning." Preparation can increase the chances of an almost seamless transition, so your plan should be well structured, well documented, and reviewed by all key team members.
Split planning process
To be prepared, you must plan every step of the process and lock the weapon with the people you have identified as the next generation of leaders. The following steps will provide a framework for a successful planning process:
- Identify key leaders to be replaced by new leaders
- Identify current leaders' job functions and skills
- Choose the most appropriate team member to participate in the successful plan
- Discuss the differences between their current roles and possible leadership roles
- Develop the next round of leadership plans to help them prepare for the event
- Interview and select a new leadership team and set a timeline
Let your ducks continue: how the inheritance plan is associated with your important files
There are many important aspects to ensuring that the necessary business elements are in place so that the successor does not have to scramble to establish parameters and processes related to your company's important documents. The following key business steps should now be addressed, whether the transition is imminent or remote:
1] Review important documents and records. A legal review of your business documents is a good way. The following documents should be reviewed:
One. Administrative documents: project plans, management reports, RFPs, SLAs, suppliers and maintenance contracts, emails, etc.
Bay Plan Document: Planning documentation for business continuity, disaster recovery, emergency management, incident response, incidents, etc.
C. Business continuity reports: business impact analysis reports, risk assessment documents, internal and external audit reports, supply chain reports, etc.
d. Team documentation: Emergency response team roster, access to a list of people at certain sites or systems, and other team management and assignment documents
Professional documentation: cognitive materials, training program materials, network and data center maps, alternate office location details, workspace recovery site details, and more. Depending on your industry, professional documentation may contain materials that are subject to custody and retention requirements, especially in regulated industries such as healthcare, pharmaceuticals, finance, law and education.
F. Human resources documents: personnel files [valid and invalid employee files], candidate documents, welfare and payroll information, complaints and action records, etc.
G. AR / AP documents: invoices, purchase orders, balance sheets, cash flow analysis, loans and credit documents, financing information, fees, accounts payable and accounts receivable, transaction records, utility bills, etc.
H. Historical documents: business formation documents, company charters, control documents, restructuring and restructuring information, blueprints and other early planning documents.
2] Make sure you have secure, redundant storage and easy to retrieve:
One. Primary storage
Bay backup storage
C. Desktop system
d. Laptops and mobile devices
Collaboration system, such as SharePoint
F. Cloud storage
G. Remote data center
3] The access and control of the document management system should be based on the authority to authorize the user. You do not want any files to be damaged or lost.
4] Scan important hard copy documents [such as system contracts, SLAs, warranty and maintenance agreements] into PDF format. Make sure the originals are stored in a safe, environmentally friendly and fireproof location. Notify the new leadership of this information and store the primary copy on site for easy access [ensure that they have been backed up to a secure offsite location].
5] Check or create a document management policy that specifies the files and documents that must be stored, how and where they should be stored, how and when they will be updated, and when they must be backed up and when they can be disposed of [if ever]. The strategy should also determine the rules for document retrieval, version control rules, document approval, document distribution, archive time range, and security destruction rules.
6] Document management controls should be part of the BCMS [Business Control Management System] audit activity, at least once a year, and should be updated regularly.
7] Disaster recovery procedures, simulation scenarios, and team document retrieval exercises should all be part of ensuring that your system is inextricably linked to the next generation.
8] Develop a prioritized list of key documents [soliciting assistance from multiple department heads], an emergency contact list, and other information that may require quick access in crisis situations. Knowing that you can effectively manage your response and recovery efforts will greatly help ensure that your business is ready to go.
9] There is an emergency kit that contains a hard copy of the relevant documentation and a digital version on the thumb drive or other convenient external storage device.
10] Record and record the results of your efforts and simulation exercises, and if you have identified a weak area, adjust the plan. This information is critical to the next generation of leaders and will help them plan the seamless continuity you have started, ensuring that your safety efforts are not wasted.
*Source: Paul Kirvan, Secretary of the American Institute of Business Continuity. TechTarget searches for disaster recovery articles, Optimize document management systems for business continuity .
Be sure to check out ARMA's generally accepted record keeping principles and look for trusted records management partners [if you don't already have one]. Their expertise will cover multiple industries and provide valuable advice to let you know if your business is ready for transitional ownership.Ultimate Cleaning Business Package, Click here!