Why all businesses need to plan for succession

Anna Stubbs • July 6, 2023

Hypothetically speaking, if you were hit by a bus tomorrow, how seamless and pain free would the transition be - both for your business and those who rely on it?

Succession Planning isn’t just about retirement. In an unforeseen event would the operation, management and value of your business be compromised?

It isn’t just about securing your future.

Succession Planning is still an extremely valuable exercise if you’re planning to retire in 20 years, or if you’ve already lined up your successor. Should something unforeseen happen to you, this planning will downgrade a major crisis to a significant, but manageable, event.

By having the conversations now and documenting clear intentions, you could save yourself (and your stakeholders and family) a lot of pain should an unexpected event occur.

It’s also about efficiency.

Planning for unexpected scenarios forces you to assess who does what, why, and how they do it best:

  • Is the right person performing the task?
  • Is their process the best way of doing the job?
  • If multiple people perform the task are they doing so consistently?
  • Have we defined and documented the best process?
  • Should this task be the responsibility of a single team member?

It’s about providing a safety net for your team. Documenting the key business processes in your company enables you to devise the most efficient system for each task. Having a clear procedure to follow is helpful when a team member is absent, but most importantly when it comes time to transfer this knowledge to a new team member, manager or owner.

A robust and effective Succession Plan takes three to five years from initial planning to implementation.

Having said that, any plan is better than no plan. Generally, the longer you have to execute your plan, the bigger the opportunity you have to maximise the value of your business and therefore the capital you extract on exiting.

A Succession Plan is not something you write and leave to rot in a dusty drawer. Succession Planning is an important part of your business strategy that requires regular attention and ongoing development!

Involving key team members in aspects of planning will engage and empower them as the journey begins.

Want help your developing your Succession Plan? Get in touch!

Basic strategic advice: why your business needs an evolving strategy

By Anna Stubbs • June 2, 2026
“Q: Why do I need an evolving strategy for my small business?” You’re a business owner or CEO. And that means it’s your responsibility to take care of the business, invest in the right places and make the company a success story. However, to do this, you need an agreed business strategy that lays out your goals, your mission and your plan for taking the company to the next level. So, why does this need to be an evolving strategy? “A: Your business strategy is not a static document – it’s a plan and mission that should be fluid, agile and able to react to change.” We’re trading in uncertain times at present. Each day presents a new challenge for small businesses, and having a plan that can react to change is a major competitive advantage.

Cash flow and cost control

By Anna Stubbs • June 2, 2026
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line all deserve your attention. But keeping everything running is the baseline. Regular cashflow forecasts help you keep that in focus. Here’s why: Cost control - If you can't reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move. Visibility on outgoings - Cost control can be a challenge when it’s hard to pinpoint hidden costs or where established ways of doing things cost more money than they should. You may also have been coping with unexpected expenses, as you’ve adapted your business for unplanned circumstances or increased costs. Improving business practice - It's more than only keeping an eye on outgoings (though that's important). It's about looking at each aspect of your business and business systems (or the gaps where there should be business systems) to see if poor practice is driving costs up unnecessarily. It can be useful to break it down - You can look at cost centres such as office supplies or freight. Or you can look at what those costs do for your business. It can help to analyse costs in terms of cost of sale and overheads.

Basics strategic advice: how do accountants support your financial performance?

By Anna Stubbs • June 2, 2026
“Q: How does an accountant support my financial performance?” We’re all used to the idea of a business needing an accountant. But have you ever stopped to think what a good accountant and business adviser can actually bring to your company? Advances in technology, software and AI are changing our expectations of what a basic accountant/business owner relationship can offer. So, it’s important to reassess your expectations and to find out where we can add real, additional value. “A: Your accountant is now a full-fledged business adviser, ready to help you review, manage and transform your finances and strategy.”  In previous decades, your accountant dealt primarily with historical data – the transactions and cash inflows/outflows that had happened in the past. Today, with access to so much smart forecasting, data analysis and forward-looking scenario-planning, we can tell you far more about the future of your business.