Succession Planning – How to, Why to

Hi guys, today, we have great news! Every Sunday, at 4PM GMT, we (Ayefro Inc) host an interactive class on our WhatsApp platform (which we are migrating to our new Mobile App chat platform), dubbed, WedTech Workshop.

During the WedTech Workshop, we share knowledge and experiences for Wedding vendors to build their businesses. We have discussed so many exciting topics, such as, Customer Service, Adding your business to Google Maps, Alternate forms of payments, SWOT analysis and more.

So now, we have decided to share whatever we discuss on our platform here, so that you can always refer to it, and enjoy as well!

Isn’t that awesome?

Anyways, let’s start with the most recent topic we discussed yesterday; Succession Planning. How to, Why To.

 

The best way to understand this, is by reading it as a WhatsApp conversation with multiple people.

 

Succession Planning – How to, Why to

 

Ayefro Inc: Great. So let’s start.

As usual, we would try and make this as practical as possible. Your contributions will make the class More interesting.

Ayefro Inc: So the question on everyone’s mind is, what is succession? Succession planning is the process of putting structures in place to ensure 100% business continuity

Ayefro Inc: The reason why I’m so concerned about this topic is because I’ve observed that many of us are either running a one man business, or a family business.

Ayefro Inc: Only a few people here are running a proper company.
Ayefro Inc: And the danger is that, if you should fall sick, die, Travel, or for one reason or the other are unavailable, that’s the end of your business and brand during that period. The fact that you travel, doesn’t mean business should not continue. Especially, if your family depends on you for support.

Let’s take a local example. One woman I admire Paa in Ghana, is Deloris Frimpong Manso. I have a huge crush on her. She’s excellent at what she does. I think she’s one of the very best.

But whenever she travels or is sick, I know instantly.

How? Because during that period, there is no new episode of the delay show

And our dear ladies, the fact that you are pregnant, or married, doesn’t mean that business must stop. You need to set up systems to ensure that regardless of what happens, your cherished customers don’t have to go to a competitor for service.

The fact that the CEO of Barclays Bank is dead, doesn’t mean that when you go to the branch to withdraw money, you should be turned away!!!!

Never. But that’s how many of us are doing our business. There are over 200 CEOs on this page alone!  If something happens and they are no longer available, over 200 jobs are lost!

So now, ask yourself, are you guilty of this?
1. Has there ever been a time you couldn’t honor a contract or serve a client because you were either sick, busy, emotionally unstable, etc

If the answer to this is yes, it means that you need to really consider succession planning.
This doesn’t imply that anything would happen to you.

It’s just a proper way to do business. Assuming you really want to do serious business this year.

Safary Royale: I am very guilty but I’m getting an assistant soon

Ayefro Inc: The added benefit you will get from doing succession planning, is, you will get more time to really focus on how to expand your business. Many of us, in our business, we do operations, marketing, finance, Sales, security, cleaning, etc
How can such a business expand?

Those who are most guilty, are:

1. MCs
2. Makeup artists
3. Planners
4. Photographers
5. Caterers
6. Drink vendors

You are the oga
The best cake baker.
Best mc who can make people laugh.
Best nude makeup artist. So you are happy. The day something happens and you are not available, your competitors will rejoice. Don’t give your competition that luxury.

Tappers Local Brew: I think some of us do that cus,We think our business is still at the primary stage and they can’t pay workers yet
Ayefro Inc: Don’t worry. I haven’t even started the class. I’m only showing the importance of the class.

You must master the operations part of the business; put a beautiful process around it, teach others to do it and move away from it, as quickly as possible.
If you stay too long doing operations by yourself, you become broke. Yes, broke.

Are you a caterer, if you have to cook by yourself alone, you cannot grow or execute much, so, you soon become broke.
The reason that executives are paid high in organizations, even when it seems like they do not do the hard work, is because money is not made from doing operations; money is made from doing the strategic things at the top.

A bricklayer works very hard and earns 1500 to 2000 per day of work. An Executive sits in an air-conditioned office, signs two cheques, takes decisions and earns a hundred times over, in one day.

As CEO of a small business; some of us dwell too long in the operations and never free up ourselves to move up to the strategic level.

At the strategic level, the CEO speaks at events, writes Proposals, holds meetings with clients, strikes partnerships, maps out strategy, builds funnels of growth, seeks investors, does high-level marketing/business development. These are the things that grow the business.

When you start your business, almost immediately, you should get a helping hand with the operations.

A lot of us are caught in this web. You are chief everything officer, no single staff, you spend all your life doing ‘operations’, not ‘strategy. I am sorry to announce to you that you cannot achieve much that way.

how will You pay salaries when you are just starting? Yes, you can start alone, but dont stay alone for too long.

Starting alone allows you to master the operations, so, you can supervise it properly, when another person takes it over. So, master the operations, do it yourself for a while, but not for too long.

Delegate it quickly, build a good process around it, if possible automate it, then move up to the strategy level; for that’s where money is made.
So now, let’s look at the planning process itself.

But before that, who is still following up to this point?

 

Succession planning is not only about getting an assistant. It’s making sure that people understand the business like you do, are have the required training, and are ready to take over any role at all in the company, should any member of your company for, resign, retire, fall sick, get pregnant, etc.

Dlaurel Cakes: My problem is getting them to do what they have to do.

Just this week, I assigned work and I came to meet one of them asleep.
She hadn’t even measured ingredients.

How do you ensure people do the work they are supposed to do? And on time?
Judith: I am following paaaa

So the planning includes the following: 1. Identify areas in your business which needs succession system. Including your CEO role, or whatever you do on a daily basis
4:45 PM

You
So the planning includes the following: 1. Identify areas in your business which needs succession system. Including your CEO role, or whatever you do on a daily basis
2. Make the vision of the business known to whoever you are bringing in to assist, or replace. They need to buy into the vision like the way you are passionate about it. If they are not excited about working with you, sack them.

 

Ayefro Inc: This is a very good question. It’s also a very big question. We now have to enter the area of human resource management. Specifically, Performance assessment.

Ok. Whilst waiting for contributions, there are some suggestions I have.

1. Tie their performance to their salary.

2. Training is key

3. Let them understand the importance of their roles and contributions to the overall objectives of the business

 

You need to be a strong leader. You must be very firm. Treat your business like it’s Barclays Bank. The same level of reverence you give to such big companies, give such respect to your own business. It begins with you.

So the planning includes the following:

1. Identify areas in your business which needs succession system. Including your CEO role, or whatever you do on a daily basis
2. Make the vision of the business known to whoever you are bringing in to assist, or replace. They need to buy into the vision like the way you are passionate about it. If they are not excited about working with you, sack them.

3. Train, train, train. Train your people until they begin to think, talk, walk, behave like you. You need to reproduce yourself in every member of your team. Whether you are sick or not, your clients should not be aware of it. They should receive the same level of customer service everyday.

4. Don’t hire someone you cannot fire. Be guided by the first three points, and let it guide you when you are employing people to join your team. Treat your business very seriously.

Now let’s look at situations which pertain in this group. This wonderful Ayefro Inc family.

MOD Catering: As simple as that. You have to push much effort if not we will all remain in square zero. You can’t keep up with what we doing then you have to leave for someone who is serious to take over

 

Let’s take each category of business vendors.

1. If you are a graphic designer like @Double A Graphix or @Tishbeats or @Jaide Solutions or @El Seatel, That one is pretty easy. Make sure you train people who can learn the same skill. Ensure they are as good, or even better than you when it comes to design. Teach them the art of marketing, networking, and introduce them to your top clients via email, or let them have access to your corporate email. That way, when you are not around, business will always go on!

2. MCs. Instead of you being a single MC who is the best in town, have a consortium of MCs. Similar to what the lawyers do. They have a chambers. Within the chambers, there could be about 4 or 5 lawyers. But they all use the same chamber name. It saves money in so many ways such as Rental space, utilities payment, branding materials like letter heads, etc.

So instead of being a single MC, start training other MCs. Then register together as a business. A single entity!!!!! Then train them. Train together. Let them be as good as you. That way when you are not around, you are confident that anyone of them can deliver the same kind of experience you would have delivered!

Especially the women. You go through so many seasonal and hormonal changes. From excruciating cramps during your period, to complications in pregnancy, to nursing and breastfeeding. Your business shouldn’t come to an end because you got married, or for any other reason.

So far, Andson Travel and Tours is one company I’ve come to admire paaa. They are doing it well and doing it right. It’s not a one man business. The owner can travel and go and chill in Dubai, but the business will still continue. Contact Andson Consult for the best honeymoon deals or traveling deals this year! They are the official honeymoon partners of Ayefro Inc.

MOD Catering: Please I’d like to add something to what our Brother @Ayefro Inc said. When it comes to staff training please be opened. Teach them exactly what you know. Don’t think about them leaving you after you’ve trained them or they will be your competitor. No. If u have that mindset, that’s what will keep you from teaching them and building them up and it’s going to affect your business. And the workers will also make sure if they leave you they’ll establish themselves and be better than you. But if you should be opened, free with them, teaching them and upgrading them they won’t think of leaving you for anyone because they are just better off with you than anyone or being by themselves. My little experience tho. Thanks 🙏🏾

Some people are not serious and have nothing better to offer and if you don’t act fast, they will end up bringing your business down. Some of them are your staffs, students and even friends. So you have to be prayerful aside everything and just see how things will change. So if you don’t sit up and don’t sack them or pull yourself away from them they will push you down. I had to sack my Student after 11 months of training. She wasn’t productive so I had to let her go and I learnt she now bakes Pie and sell in Market.

After 11 months of training and working together. So this means no matter how hard I try she won’t learn anything, I had to let her go. So don’t be scared if you teaching them what you know and you think they will leave you and start working on their own and be your competitor. No. Some of them are not serious and they are in to make your business stand still by being unproductive. Just sack them. I realized this after training this particular Lady for 11 months only for me to sack her and all she does best is pie. Upon all the desserts, cakes, pastries, foods and everything I do. So please just open up and teach them and they will push you wherever you want your business to go.

Pinkies Bridal: Thank u so much Frank, for today’s class
Lima Sobolo: The little I want to add it that, we should learn to treat our workers well. Treat them like your sisters or brothers. Have a good relationship with them. Rebuke them when they go wrong and compliment or motivate them when thy do their task well.  Once awhile you can give them TNT, aside their monthly salary,give them some of the products for free to take home. Build a strong relationship with them.
Create a free environment for them to live in. With this they are able to have discussions with you freely concerning the business. Pay them at the end of the month without delay
Just like @MOD Catering Said don’t hide anything from them when teaching them.
Be firm and strict when it comes to work.

FMS Disposables: Many thanks Frank for this awesome lecture. As always, very much appreciated 🙏🏾🙏🏾 My humble contribution is that, we are training our staff who some times are ungrateful and still see it as doing you a favour. No matter how nicely you treat them or make them feel. Those of us who have growing children, we should draw them closer to us and start teaching them early. If we have supervisors, let the children understudy them. If your child picks up the basics fast, it shows how well you have trained your staff. A lot of the family businesses in the US have survived over the years through proper succession planning. 4th generation businesses and still standing strong, competitive and practicing modern trends. We can go on and on. God help and guide us all🙏🏾.

 

Lima Sobolo: Sometimes they are really ungrateful. Take note of them and sack them.
Nadee Settings: Late but I enjoyed reading every bit of today’s discussion.
Thank you @Ayefro Inc

Robridoks Creations: Thanks so much Frank for such great lesson, I wasn’t around but I have enjoyed reading it and learnt a lot.

Tycias Makeup: Another amazing presentation today!👌🏽The more reason I term our Sunday class as “wisdom overload” ….tho I missed today, I’ve been able to go through all that has been taught and I’m truly blessed by all the submissions. God bless you all🙏

Makaydas Touch: Succession planning… Been always on my mind, thank you….
Cos me, I’d like to do soooo many things aside this business. Mr @Ayefro Inc 😊you saw my other passion. So thanks. To all the contributors, bless up.

Safary Royale: Thanks boss. One thing I’ve come to notice in Ghanaian entrepreneurs is that e everyone wants to be a CEO. We need to encourage partnerships. Remember that 10% of something is still better than 100% of nothing. Thank you for today. Point taken
Laces And More: Good morning fam.  Wonderful presentation Frank, well done.

 

Today’s class was sponsored by:

Tappers Local Brews

Dlaurel Cakes

Dinky Bridals

Legacy Events

 

 

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