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With the expansion of outsourcing, near-shoring and contract hiring, the focus on succession planning has – to say the least – been put by the wayside in most organisations.

That’s a bad mistake. Especially when it comes to finance functions.

Succession isn’t just about who’s taking your place. It’s about protecting the future of the organisation to which you’ve dedicated your time and smarts – as well as protecting the legacy you’ve built in making that organisation succeed.

That means that, when you are ready to leave, you also want to leave behind the best possible, most likely person (or people) ready to take over and keep building from where you left off.

In so doing, succession becomes part of your and the organisation’s strategy. A combination of factors driven, first, by what’s next and then by whom you have on your bench.

So, let’s take a look at three things you can do right now to put your best foot forward – even after you’re gone.

Combine strategy with succession

You know – as much if not better than most – exactly where your organisation is going over the next three, five, ten or more years. And that’s based on what you know now. In looking at that strategy, start thinking about the kinds of financial thinking that the organisation will need to get there.

What kinds of forethought and perspective will the new products, services, ways of doing business and markets you’re considering entering require? What do the current and upcoming changes in technology mean for your strategy? How will your organisation be impacted by trends and innovations out of its control? What kind of proactive financial thinking – both for innovation and protection – will the organisation require?

Assess your bench

There’s no doubt that you’ve been hiring the best talent available. Or at least you’ve been trying. 

The question is:  To what extent is your bench ready for what’s next?

Hiring tends to be reactive. There’s a need. You fill it. And unless you’re Google and have recruiting and hiring processes and procedures that are simultaneously about today and multiple generations from now, chances are your HR department (which is another subject altogether) is giving you what you want.

Which leads to the question:  Is it what you need for what’s next?

Target and develop the next generation

Start looking at the talent you have and how to build them. Give different and more challenging assignments to push the limits of those you think aspire and can achieve what you and the organisation need for what comes next.

Be democratic. Build all your staff by providing developmental materials and training where necessary. Then, look at who shines and in what ways to start determining which of your staff members – at all levels – are the ones who will give you and the organisation the highest ROI as you develop them further.

Do it right and you’ll have nailed your legacy – and your organisation’s future success.

Leslie L. Kossoff is the founder and editor of Obtuse Angles [2], the premier developmental resource site for entrepreneurs and executives. She can be reached at Leslie.Kossoff@thekossoffgroup.com [3].