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See More: http://www2.gnb.ca/content/gnb/en/departments/human_resources/career_development/content/succession_planning/five_step_process.html

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See More: http://www.business.gov.au/business-topics/templates-and-downloads/Succession-plan-template-and-guide/Pages/default.aspx

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See More: https://www.youtube.com/watch?v=GZ8C3ie0drw

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See More: http://www.simplicityhr.com/resources/articles/strategies/succession
http://smallbusiness.chron.com/succession-planning-important-performance-management-4593.html

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See more: http://hrcouncil.ca/hr-toolkit/planning-succession.cfm#_secA3

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Identifies Future Leaders
- Identifies employees who have the current or potential skills to progress higher within the company
- Increases employee motivation by providing the opportunity to grow
- Can highlight weaknesses in the workforces skills and identify areas which require increased training
Allows for Savings of Resources
- Save financial resources on external recruitment and training
- Save time on recruitment to ensure streamline continuity of business operations
Encourage Company Culture
- Consistant communication and training increases synergy within a company
- Promotes a strong culture within a company by highlighting the importance of employees to the company

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See More: http://hrcouncil.ca/hr-toolkit/planning-succession.cfm
http://smallbusiness.chron.com/succession-planning-important-performance-management-4593.html

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See More: http://hrcouncil.ca/hr-toolkit/planning-succession.cfm
http://www.businessdictionary.com/definition/succession-planning.html

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- The Australian Government, provides companies with a structered template for succession planning.

- This template allows for the eventual smooth transition when exiting a company.  Planning this exit well in advance helps to maximise the value of your business and enable it to meet future needs.

- Having this template takes the pressure off companies managers who are unsure of what a succession plan should look like, and what it should contain.

- Being a government resource also allows for the managers to have trust in the reliability of this template.

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Planning should always be the first step in developing a business. A plan gives your business direction and helps you prepare for a lot of what you may need to overcome in the future. After consultation with business intermediaries, business.gov.au has developed a suite of free planning templates and checklists to help guide your business.

Read about Developing your business plans for more information the importance of planning and what to do before writing your business or marketing plans.

Watch our business videos to find out more about business.gov.au tools to help you start or grow your business.

Checklists for starting and growing a business

Business plan templates

Marketing plan templates

Marketing plan template and guide This template can help you integrate your total marketing effort and gives you a targeted approach to developing your business' products or services. Download this version if you want to edit and print the marketing plan template and guide.

Read How do I develop a marketing plan? for an alternative format to the information contained within the downloadable version.

Succession plan templates

Succession plan template guide Download this template to help you plan for the day when you leave your business. Planning for this time can provide a smooth transition and lowers the risk of disruption to your operations.

Read How do I develop a succession plan? for an alternative version of the information within the downloadable plan, to help you start developing your own Succession plan.

Financial templates

Start-up costing If you're thinking of starting a business, a start-up costing sheet can help determine how much money you need to start.

Cash flow statement A cash flow statement tracks all the money flowing in and out of your business and can reveal payment cycles or seasonal trends that require additional cash to cover payments.

Profit and loss statement A profit and loss or income statement lists your sales and expenses and helps you work out how much real profit you're making or losing.

Balance sheet A balance sheet is a snapshot of your business on a particular date. It lists all of your business' assets and liabilities and works out your net assets.

Financial calculators Use this template to calculate your key financial ratios and help you analyse the financial health of your business.

Glossary of key financial terms Find definitions for financial terms that you may come across when you are dealing with accountants and financial institutions, or while running your business.

Emergency management & recovery plan templates

Business Toolkit for Indigenous Women

The Business Toolkit for Indigenous Women is a practical guide to help female Indigenous business owners understand the requirements of running a business.

The Toolkit includes:

real-life case studies

fact sheets

checklists

Frequently Asked Questions

information about government resources

tips on time management, balancing your business and asking for support.

Download the Business Toolkit for Indigenous Women now.

Australian IP Toolkit for Collaboration

The Australian IP Toolkit for Collaboration helps facilitate, simplify and improve collaborations between industry and researchers.

Download the IP Toolkit.

Digital Business Kits

The Digital Business Kits provide the tools and resources required to help businesses embrace the world of digital business.

Major Projects Help tool

The Major Projects Help tool helps major project proponents to find out what legislations can affect their new project in a simple and easy to navigate manner. The tool provides a tailored list of relevant legislation for an individual project based on the selections made within the tool. Links are provided to regulation factsheets that further explains the applicable legislation.

Business Apps

business.gov.au previously had a suite of business planning apps for iPad and Android: MyBizPlan, MyBizShield, MarketMyBiz. These apps were decommissioned in February 2018. Alternatively you can download Word versions: Business planning template, Marketing planning template and Emergency management template.

Other useful tools and resources

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Planning should always be the first step in developing a business. A plan gives your business direction and helps you prepare for a lot of what you may need to overcome in the future. After consultation with business intermediaries, business.gov.au has developed a suite of free planning templates and checklists to help guide your business.

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Benefits of a Successful Succession Plan

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Benefits of a Successful Succession Plan

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- Employees feel like they are valuable

- If an executive director, senior manager or key people leave, a succession plan ensures there is a prepared plan to continue business operations

- Positive external reputation as a business that invests in their people through providing opportunities and supporting them

- Aligning the organisation's vision and human resources to ensure it demonstrates the need to have appropriate staffing to achieve strategic plans

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- Ensure service continuity when a member leaves
- Support stability within an organisation
- Enhance ability to achieve strategic goals of the organisation
- Commitment to developing career paths
- Promoting job security and advancement

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Steps to Creating a Successful Succession Plan 

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Steps to Creating a Successful Succession Plan 

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1. Identify critical Positions
Critical positions are those roles the organisation needs in order to             successfully meet its business objectives
2.Identify Competencies
Clearly define the key responsibilities of the position including the               qualifications and behavioral and technical competencies, the                     capabilities needed for successful performance in the role.
3. Identify Succession management strategies
Use several human resource strategies to develop the internal talent.
4. Document and Implement succession plans
Document the strategies used and clearly define timelines and roles          and responsibilities
5. Evaluate Effectiveness
Systematically monitor workfoce data, evaluate activites and make              necessary adjustments

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What were to happen to the company if one of the key employers were to suddenly fall ill, resign or be laid-off? We need to ensure the company is prepared for this scenario.

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Video Example of What the Benefits of a Successful Succession Plan are, and What Can Happen With a Bad Succession Plan.

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Video Example of What the Benefits of a Successful Succession Plan are, and What Can Happen With a Bad Succession Plan.

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Why Succession Planning is essential: The Case of the Runaway Talent

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Succession Planning is fundamental to long-term organizational stability. Leaders must provide assurances to internal and external stakeholders that there is an organized plan for continuity in the quality and flow of the organization's programs and operations. In this cartoon, see how Sally Planwell, Director of HR, saves the day with effective talent management, succession planning and employee retention.

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Succession Planning is the process implemented to support the stability and sustainability of an organisation by grooming an employee from within the company to replace a previous key employee. It involves assessing job requirements and skills of existing employees and then seeking to fill the gaps between needs and skills with targeted training and development activities.