What Is Succession Planning and How Can It Benefit Your Firm?
For instance, if the CEO were to retire or a disaster were to harm the foundations of the company, having a plan for who would take the leadership positions is crucial for keeping the business afloat.
Despite popular thought, succession planning does more for your accounting firm than just help you prepare for the future. It also ensures that you can start training those lined up for leadership roles well ahead of time and promote a more cohesive administrative environment.
Performing Succession Planning Successfully
There are many ways to implement succession planning within your accounting firm, but for the plan to truly succeed, you and your business must develop the following traits:
- A solid foundation for steady growth and prosperity
- An environment that rewards employees for excellent displays of leadership
- Automating or standardizing processes to ensure that the quality of the firm’s work remains consistent
- High levels of employee retention, which can be increased by improving employee benefits
- An employee pool with a high level of talent and competence
Once those traits have been established within a company, the current company leadership can begin selecting and training the right people for the leadership positions should something happen to the current leaders or the company itself.
INPACT Firm Fiduciaire Saugy SA and Its Three Managing Partners
Fiduciaire Saugy SA, an INPACT member firm from Lausanne, Switzerland, has successfully implemented and transitioned through three succession plans successfully, and the company continues to provide excellent high-quality tax and accounting services to its domestically and internationally operating clients.
Though the transition between managing partners posed a threat to the structure of the company, Fiduciaire Saugy SA made use of succession planning and is still growing after 50 years. In that way, succession planning will ensure that the accounting and consulting firm you manage continues its legacy, even if something devastating were to happen to you or the other members of the firm’s leadership.
Though no one can predict the future with complete certainty, you and your accounting and consulting firm can set a plan into place to ensure that your business will remain strong no matter what occurs. Congratulations, Fiduciaire Saugy SA, on excellent planning!