Succession Planning = Its Own Reward

Succession planning that includes ongoing steps will bring rewards.

Only a few items in most organizations receive less attention than succession planning. The old business adage states, “Urgency wins the day over what is important.” We all understand what may be urgent, such as meeting a Request For Proposal deadline, solving a client issue, tackling employee turnover, taking a required training course, etc. The laundry list of immediate issues can have no end in sight, though, for many organizations on all sides of the sports tourism industry, the list got longer over the past few years.

Honestly, who finds any joy in planning to replace themselves?

Whether we like it or not, succession ends up on the list. Often, health/family issues or even termination fuel succession processes. Unplanned change leads to sudden succession planning decisions, impacting everyone: directors, managers, employees, clients, facility operators, vendors, and in our industry, even the community.

The consequences of an inadequate succession plan can harm your stakeholders. Though, when ready, succession planning can be a meaningful process. Rarely do leaders look at it this way at the start. Below outlines a process that, if implemented successfully, will ensure your legacy and hard work will prosper for years to come and that you leave a thriving organization in good hands.

1. Craft an organization on a sustainable idea.

As organizational leaders, we must continually work to improve company performance. We must always strive to transform employees from hired individuals to trusted partners. Specifically, partners who understand the sports tourism industry through education and training, its economics, and that can actively participate and communicate these ideals. When doing so as a unit, working in harmony, teamwork is no longer a buzzword.

When the pandemic hit in early 2020, urgency came knocking. Smaller, under-budgeted destinations and rights holders needed help. Survival in the short term became the primary focus. This unexpected shift got leaders thinking of step two.

2. Surviving a downturn.

Building a financially stable organization takes work. To do so requires a long hard look in the mirror to determine your weak spots. Are you heavily dependent on one employee? Maybe a sales staff member? Or perhaps you “have all your eggs in one basket” with one vendor? Ask yourself what would occur if you lost that one sales rock star or a vendor partnered with one of your competitors. This exercise can also get leaders thinking about step three.

3. Focus on growth and training.

Your organization will only grow with a continuous effort to place your staff into settings that expand their horizons. Whether providing them with networking opportunities, continuing education, travel to conferences and trade shows, or allowing them to attend client site visits, all employees must have opportunities to grow and learn. Leaders will always mentor through an effort of budgeting each year to allow for this level of opportunity. This effort leads to fulfilled, happy employees that see opportunity, healthy challenges, and a future. Growth and training can determine the organizational independence you are looking for.

4. Forming independence.

Once your organization has found the right talent to match the mission, is financially solvent, and offers clear goals to motivate staff with organizational support, you can create redundancies across the board. These redundancies may result in additional staff, so you are not relying solely on one staff member for key company components. With a balanced and motivated team in place, revenue will rise and therefore reduce the dependence on other lead sources. Thus, enabling you to maneuver when need be.

Always be visible to your team by attending weekly staff meetings, scheduling project timelines, and reviewing sales. If led appropriately, every team member will know how the company is doing in less than an hour. Allow everyone to participate in forecasting future performance and let them know what that may mean for them financially. Clarity on the future will help make turnover nonexistent. When thinking of succession, these actions will mentor the team that will take over when you have moved on, ensuring they know how to and are ready to run the organizational effort. Also, more importantly, they’ll strive to be the best in the industry.

Ensure your organization is committed to customer service that goes beyond your comp set. Being customer-centric will generate tons of repeat and referral business. Serve your employees by safeguarding jobs for hardworking performance… It works both ways. Be in the habit of looking to the future, especially a future where you are not in the picture. We can never fully know if a plan will succeed but build an effort worthy of a reputable succession plan.