Future-proof your Business with Black Country Chamber

22 Apr 2024

Published in: Black Country Chamber of Commerce News

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Black Country Chamber of Commerce Policy & Impact Officer, Gemma Edwards talks #succession planning and longevity.

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On Thursday, the Black Country Chamber of Commerce held the first Quarterly Economic Survey Data Reveal of 2024, dissecting results from the region’s first quarter and diving into the topic of skills and succession planning. With the British Chambers of Commerce publishing their Youth Skills Manifesto 2024, calls to ‘Future-proof the Workforce’ are stronger than ever.

Additionally, the latest Business Commission West Midlands (BCWM) report, calls for regional authorities to: “Ensure there is a coherent link between regional industrial strategic policy and future workforce planning.” (p.30, ‘People, Process & Skills’)

The 2024 Spring Budget mentioned ‘measures to support SME leaders to acquire vital skills and seize opportunities to increase productivity and grow their businesses’, (SMEs, page 55) though this focussed primarily on tax cuts and funding rather than delving into leadership training and recruitment.

According to our QES results, only 34% of Black Country respondents have identified a clear successor, and half of those surveyed said they have no plan in place for doing so. However, the majority (65%) said they want to find a successor – so why is it that only half of businesses have a plan for finding one?

Hear what our Policy and Impact Officer, Gemma Edwards has to say:

1. Should Black Country businesses look to identify successors sooner? Why?

The keenness of Black Country businesses to find a successor, rather than closing or selling the business, shows me that Black Country businesses intend to be around for a long time, which is fabulous news for our local economy. However, the plan for exiting the business should be at the back of your mind from day one. Of course, in the early stages, how you will eventually leave it will be rather low down on the to-do-list – but once things have stabilised, it should always be at the back of your mind as to how to hand the business on.

Do you dream of establishing your own dynasty here in the Black Country and want to hand over your business to relatives; or do you have a star employee you can see taking over from you one day? If neither of these options is suitable for you, what then?

2. What steps can businesses take to streamline their hiring process?

Businesses can help themselves to streamline their processes by having a very clearly defined list of what they’re looking for from a candidate: both for their skills and experience in the role, and their culture fit and future aspirations. Businesses should use the interview process to thoroughly evaluate how the candidate will fit into and with company values and strategic goals in the long term.

3. How can the Chamber support business with succession planning?

The Chamber offers a Management development Programme (MDP) course for anyone aspiring towards management, or currently in a management position and seeking to strengthen their core competencies.

“The MDP course was probably the best training and development course that I have completed in my career to date. Each session had a distinct purpose to it, and I feel that I have been given an extensive toolkit to help me become a better manager.” (Jennifer Stevens, ASSA ABLOY Opening Solutions UKI)

Across 12 whole-day sessions – each occurring monthly – participants build strong working relationships with leaders from other industries in the region and can also take individual modules to focus on their specific development needs.

Overall, planning for succession is a process that starts long before recruitment. Ensuring that current and prospective employees are aware of clear paths of development and access to leadership training can immediately solidify their decision to stay in the long run. While it’s unlikely to identify a successor in such early stages, fostering mid-level growth opportunities can mean the difference between eventually selling your business or securing its legacy. See the latest Quarterly Economic Survey results. Our next QES (Q2) survey begins Monday 13th May 2024.

To learn more, subscribe to our Policy Newsletter and for further enquiries email gemmaedwards@blackcountrychamber.co.uk