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Succession Planning _ Unless you plan to run your business for your entire life, you will need a plan of succession. If you are the only person who can run and operate your company, it is doomed to fail when you can no longer run it. Create a plan that will spell out what steps will be taken to either sell your company or hand it over to another manager. Develop a system that allows your business to be run without you. An operations manual that details the key components of running your company is the first step in succession planning. Consult an attorney about the legal aspects of either selling or transferring ownership of your company.

Develop Non_Capital Initiatives: Each project initiative should have a corresponding project plan that monitors whether it will be completed on_time and on_budget. The importance of the detailed project plan is to accomplish the following: a) identify all the steps to be completed; b) establish a realistic timeline for each step; c) identify and allocate the necessary resources for accomplishing the initiative; d) ensure that the initiative has been vetted for departmental inter_dependencies and potential conflicts; and e) ensure that the initiative is in alignment with the overall strategic plan.

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