Succession planning is the process of identifying and developing internal people with the potential to fill key business leadership positions in the event of an unexpected departure. The goal of succession planning is to ensure that the company has a pool of talent to choose from when leadership roles open up, so that the company can continue to move forward without interruption.

There are a few different approaches to succession planning. One is to identify high-potential employees and invest in their development so that they are ready to step into leadership roles when the time comes. Another approach is to create a "leadership pipeline" in which employees are groomed for leadership roles over time. And yet another approach is to create a "talent pool" from which leaders can be drawn when needed.

The most important part of succession planning is to have a clear understanding of the company's current and future leadership needs. Once these needs are understood, the company can put together a plan for how to fill those needs. This plan will likely involve identifying high-potential employees and investing in their development, so that they are ready to step into leadership roles when the time comes.

Succession planning is a critical process for any company, large or small. By having a succession plan in place, the company can ensure that it has a pool of talent to choose from when leadership roles open up, so that the company can continue to move forward without interruption.