How Succession Planning Has Shaped The Economic History Of Australia

Economic History Of Australia

Australia is among the most developed nations of the world and this is clearly demonstrated by the might of their economy. A brief review of the economic history of Australia will give any Australian business owner a swift understanding of how succession planning strategies can make or break any country. Since 1788, the island country has witnessed tremendous development and their companies have multiplied some reaching global market recognition. All this can be attributed to effective succession planning and exit strategies among other factors. There are also many successful business experts in Australia and one of them is Craig West. He is a renowned and proficient expert who has wrote numerous books about business succession.

A Brief analysis of Australian economic history

Although the first marines who settled early in the country were neglected, the reign that took over in 1821 offered more room for investment in agriculture. This combined with the gold rushes, introduction of national currency and development projects gave rise to an incredible boom and rise of a powerful economy. The present day Australia has some of the biggest enterprises in the global market and boasts product exports to various overseas countries. Nonetheless, this does not come without its challenges and drawbacks.

What is succession planning?

The answer to this is already clear in the mind of any forward thinking business owner. When you lose the top leaders to any of the reasons mentioned above, it does not mean your operations halt although this is very likely if you do not have an effective succession planning strategy. You must have a functional framework that constantly identifies and develops potential candidates that can take up specific management roles when the time comes. This ensures your company remains in the hands of qualified confident employees who can handle the challenging roles of management.

Succession planning is the process of recruiting and grooming these employees, advancing and promoting them through company ranks so that one day they can become the top decision makers.

The benefits of succession planning on national economy

Australian businesses have continued to enjoy longevity in the market thanks to effective succession planning and exit strategy. There are many professional exit planners like Craig West who was named the best by Exit Planning Institute back in 2014. Such exit planners train business leaders on effective strategies and techniques for succession.

Succession planning is one of the most important aspects of any business planning. When you look at the economic history of Australia, you will see that many businesses were established decades ago and are still in operation. Obviously, no single company can retain its employs for such a long period. Businesses constantly lose their top leaders and founders to resignations, retirement, illnesses and death and recently to bans from statutory bodies that govern business operations.

Besides taking coaching from credible planners like Craig West ASIC recognized practical accountant and business planner, managers can also read strategy books. This way, they will be able to identify the best techniques that will optimize the benefits of succession planning.

In order to guarantee business continuity, you must establish a framework for identifying future leaders and managers of your company. What’s more, you should have an exit strategy that determines how the chain of command is handed down and how compensations will be made to retiring leaders. A strong economy is supported by its grand enterprises that remain in operation long after the founders die and this is only possible with effective business marketing and succession planning. With proper advice from business experts such as Craig West, business marketing will definitely become easier and more effective.