While it may seem obvious that family businesses should prepare for a succession event, it's not always the case. In fact, until recently, most family businesses did not have any succession plans in place. As one can understand, planning for the transfer of power is extremely important. Although this is a long process that involves developing talent across the workforce, a good way to kick off the succession planning process is to review the key functional areas in one's company and create a basic succession plan for those areas. Using a succession planning template can greatly aid in this endeavor. Not only does it enable frank communication about succession plan, a succession planning template helps to visualize what can be an overwhelming subject. All in all, it is essential that family businesses address the issue of succession in all areas of the business and utilize templates that make understanding the process easier for all parties.
A clear timeline is the backbone of a solid project plan. Confusion related deadlines, and what is required for those deadlines, is a common problem many teams face while working on a project. That’s why it’s important to break your projects down into smaller tasks with staggered deadlines. How you actually visualize your timeline will play a big role in how readable and straightforward your timeline is. There are a lot of moving pieces that contribute to the completion of a project. It can be easy to lose track of different tasks. A mind map shows relationships between pieces of a whole.