The value of EO’s KE Program to key executives and entrepreneurs

In every business, people are essential to drive the organisation forward, reach one’s goals and allow the company to operate in the long term. This is why strengthening your 2iCs and key executives is necessary to keep your business running smoothly and steadily as well as enable it to grow and expand to new markets and horizons.

The good news is that EO Melbourne has a Key Executive Program (KEP) that enables its members to learn growth strategies from EO and execute them into their businesses with key management buy-in and participation. This program allows an EO member to have a key executive from their business take part in EO learning events and EO Accelerator learning days and become a member of a Key Executive Forum.

Through this program, EO members are able to communicate and learn jointly with their key executives as they share the unique benefits of EO with a key executive from their business. In addition, it empowers EO Members and helps them align with their key executives as EO provides them with the tools, accountability, community and support to aggressively scale and master some business best practices and become better leaders. Also, the benefits are two ways as the program serves both the entrepreneur and the key executive.

EO Melbourne Member Harry Sanders, Founder of StudioHawk, had his General Manager, Lawrence Hitches, join the chapter’s Key Executive Program. Both shared the benefits of the program, helping them in their respective professional development and their organisation’s growth. 

"I had a great experience as an EO member and got so much value out of Forum, I really wanted Lawrence to be part of that experience. Being able to talk about his 5% issues without judgment in a safe environment, share experiences, learn heaps, and events and networking helped Lawrence understand the broader business community in Learning Days and really cemented him as a leader. The business has gone through many challenges and first had seen the effect Forum has had on being able to overcome them,” Harry said.

Lawrence was enthusiastic that he has become part of EO’s KEP. "I heard great things about EO from Harry and other people about how much learning and insights you can gain from talking to like-minded business people owners and people with similar challenges ahead of them. EO provides many workshops and communities that have helped our business in hard times. Implementing EOS practices has helped restructure our org chart to be solid and more accountable. The value of the KEP program is immense and I’d recommend it to any EO member to sign up their key execs."

Another Key Executive that has joined the program is Cindy Liu, an accountant at Masseuse Massage Chairs. She shared how becoming part of the KEP has impacted her growth as a professional. "I have been in the Key Executive Program for 2 years now. I have learned so much from every interaction I have had with both the group learning days and our individual forum. To start with, it is a great opportunity for me to step out of the business to learn things from the business strategy level rather than just day-to-day operations. The importance of that is I get to experience what it feels like as a business owner seeing things from a bigger picture rather than just working within my own department. The alignment with the business owner is critical from that perspective."

At present, EO Melbourne has two forums for Key Executives. They also get to attend the quarterly Learning Days as well as other learning events that the chapter offers for those in the program. To know more about our KEP, visit https://www.eomelbourne.org/key-executive-program. Interested to join EO Melbourne? Check out our https://www.eomelbourne.org/join page. 

The importance of succession planning

Recent global events have taken many of us by surprise, reminding us that planning and preparation for the inevitable must be taken into serious consideration. It goes not only for our individual lives but also, and most especially, in business. One of the things that business owners and HR managers must have is a viable succession plan and strategy in place for the longevity and sustainability of the business.

A succession plan helps prepare a business avoid any vacuum within the organisation that may be caused any eventuality. It is by being ready to fill in key positions with the right persons fit for the role. According to Rahul Kale, Director at Sunpower Renewables, “Succession is a layered approach for our business, and I am particularly on the lookout for the key positions that drive our business – Head of Innovation, Head of Strategy, Head of Business Development and Head of Engineering. We tend to hire accordingly for these positions and start right from the hiring process.”

It's not just in the hiring process, but Rahul and his team also look into their internal talents. “There are regular succession planning discussions during our management meetings, and we always have a plan A, B and C in place. I also ask the respective Department Heads to groom their key personnel and do trial runs when they are on holiday. You will be amazed to see what some people can do when you empower them and give them more responsibility. It is important to provide job security to the right people, so they want to groom people and are not threatened by succession planning discussions,” Rahul remarked.

Succession planning also enables entrepreneurs to work on the business rather than in the business, which can allow the enterprise to keep running even in their absence or with minimal supervision from the business owner. With this, Rahul added, “From a leadership perspective, my spouse and I do the same thing and interchange roles regularly. In doing so, you can also see where the company’s systems must be strengthened which then allows good people to work more effectively. We also have a succession plan for the company’s ownership to ensure the longevity of the organisation and brand that we have developed.”

Malcolm Bean, Director at Beanmkrgy, also shared their succession strategy in their company. "We talk to leaders about their departure from the business and how that looks like to them and when. Encouraging them to write a plan to move onto the next thing so we can assist. Often, this results in longer tenure and discovering other opportunities for A-players in the business. Ideally, the leader is part of the plan to build or source out succession individuals into the business as we work on the departure of team members or towards the next thing. As a team, we talk about talent or ‘rare needles in a haystack’ regularly. The point is that talent (opportunity) often presents itself over time, many times when we are not looking. So when we see it, we need to secure them into our business ASAP.”

For Meirav Ambar, Partner at Trendtrade International, it also starts from selecting the right people, whether as team members or third-party providers. Meirav expounded, “No doubt, choose the right partners – first and foremost, your business partners (the best in the world are taken by me!), and then everyone you work with. I do not work with suppliers, customers and service providers. I see all of us as partners, and I choose to work with partners that share the same values and whom I can trust.”

On the other hand, whilst Lauren Staley, Managing Director of Infolio Property Advisors, does not see herself taking a step back from her business anytime soon, she’s already laying the foundations to make her business ready while she’s still determining her next steps. “I’d like to say I’m super clear on this, but frankly, I’m not – currently I am building the rent roll as that is the most saleable part of my business. I’m working on the balance sheet and accounting to make it as clean as possible so that if a buyer did come along, I can be ready. I’m also currently grooming a member of my team to be able to take the driver’s seat for me.  Once I have these ducks firmly in a row, I will have the headspace to think about what next.  I love what I do so it’s hard to see myself out of it, yet,” she explained.

Succession planning is just one way to trouble-proof one’s business. Although we cannot predict and fully prepare for the future, it pays when one takes the necessary steps to lessen any negative impact that an unforeseen circumstance may bring. Have you given a thought to your succession plan? What actions have you taken to make your business future-ready?