By Bukola Akindoju
At only 25, Queen Elizabeth was crowned the monarch of England and named Chairman of the Commonwealth. On September 8 2022, The Royal Family announced her death and world leaders have honored her since that day.
According to an article on Wikipedia, the queen played a key role in encouraging business leaders across the world. Through the Queen’s Award for Enterprise Promotion, business leaders are recognized for playing an outstanding role in promoting the growth of business enterprise and entrepreneurial skills in other people.
“Operation London Bridge”, a code that directs the immediate course of events following Queen Elizabeth II’s passing, was introduced immediately after her sorrowful passing. Prince Charles’ rapid accession to the throne as “King” is a significant event, and it offers pertinent lessons on succession planning for all business leaders.
Here are five succession planning tips that the royal family has taught us:
1. Make a succession plan:
There are many factors including retirement, illness, and even death, that might cause a position to immediately become vacant. This will inevitably cause business disruptions if a key stakeholder needs to be replaced on short notice. As a result, succession planning is necessary to determine the fate and future of a company in the event of a leader’s sudden absence.
As a result of Operation London Bridge, the royal family was able to step in and take charge after the Queen’s passing.
2. Disclose The Succession Plan To Key Stakeholders:
Prince Charles’ ascension to the throne didn’t come as a surprise as the succession plan was well known to the general public. It is important for business leaders to create a clear roadmap for a successor to takeover and ensure a smooth leadership transition. Key stakeholders in the business should be carried along in this process to avoid conflict.
3. Delegate:
Before her passing, the Queen had been giving the new King Charles some of her responsibilities. According to CNN, King Charles stepped up to take on some of the Queen’s responsibilities, such as the ‘State Opening of Parliament”.
As you advance in your leadership career, it is crucial to delegate some responsibilities to your subordinates. Delegation is an important skill to have as it frees up your time to enable you focus on the most important tasks. As you delegate, you’re able to build a leadership team that can function in your absence.
4. Prepare Your Successor:
King Charles spent his entire life preparing for the throne. His commitments and responsibilities helped him prepare for his current role as king. The same applies when preparing for a successor. Look out for person in your leadership team that has the leadership qualities to become your successor and deliberately put him or her on a roadmap towards succession.
5. Rebrand:
The Queen devoted her life to the service of others and enjoyed the support of her loyal subjects. ”Operation London Bridge” directed for the change of currency to reflect the current monarch; to promote his reign and inspire loyalty to the new king much as it did to his mother. In the same vein, a change in management could be a great chance to position your company to attract more clients and promote customer loyalty.
All business owners are reminded of the value of succession planning by the passing of Queen Elizabeth II; which should be thoroughly documented and periodically reviewed. The queen left her mark in history and though she is no longer here, her legacy still lives on.
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Image Source: Britannica
