Latest Posts in Succession Planning and Knowledge Management
If you’re interested in learning more about knowledge management, or if you need more insight on why it’s important to your company, you’ve come to the right place. In this brief article, you will learn the basic definition of knowledge management, the two main types of knowledge and how your company stands to benefit from a knowledge management plan.
If lack of time and budget are preventing you from reaching out for succession planning assistance, you’re in luck – our succession planning templates are designed to take you- step by step – through the process. In the end, you will have designated key positions and pinpointed successors to lead your company into the future!
Succession planning means different things to different people, but the most common theme among all the definitions that exist is that it involves making sure your business is prepared for the future. There are different types of succession planning, each of which depend on your type of business and your businesses’ specific situation.
You may be wondering, when is the best time to begin thinking about a Succession Plan. As the saying goes, "there's no time like the present." Recent studies reveal that only 30% of small business owners have a formal succession plan, leaving a vast majority unprepared for future transitions. With over two-thirds of owners planning to retire in the near future, the absence of succession planning could lead to business closures and economic disruptions in local communities.
Many business owners dream that their sons or daughters will take over the family business, but struggle with feeling confident it’s what’s best for the company. In a report from the Family Business Institute, 88% of family business owners said they believed their family would control their business in five years. Yet, according to the report, only about 30% of family-owned businesses survive into the second generation.
As more and more baby boomers retire or consider retirement, ‘succession’ continues to be a common buzzword. Every year about 10% to 15% of corporations must appoint a new CEO due to retirement, resignation, dismissal, or a health crisis. As a business leader, succession planning (SP) has no doubt crossed your mind … maybe you’ve even started working on a leadership succession plan, but you’ve hit a roadblock. What should you do next?
Curious about how to future-proof your business? Don’t miss this insightful Q&A with EDSI Consulting Managing Partner Jim Bitterle, a recognized expert in strategic planning. In this blog, Jim shares why strategic planning is essential, what makes a plan truly effective, and how EDSI’s unique approach helps organizations thrive in today’s competitive markets. Whether you’re building a new strategy or refining an existing one, this article offers practical advice to drive long-term success.
If there’s one thing that remains true in business (and life in general) it’s this: a crisis can strike any company … anytime, anywhere. Imagine you just found out a valuable, tenured employee is leaving and taking all his or her critical knowledge and experience with him to a competing organization. Your only hope to avert this crisis? Advanced planning!
Knowledge management is not just a stand-alone program or project. KM refers to the explicit and tacit information life-cycle that runs throughout the entire organization on a continual basis. This 10-step setup process will teach you everything you need to know to minimize risks and maximize results.