How's Your Succession Plan?
Aug 19, 2024
In chapter 3 of my new book, I discuss the importance of having a succession plan for your business. As a small business owner, do you actually have a plan? When you’re always so busy, it never gets to the top of the To Do list, right? I get it and yet, it’s vitally important to have a plan in place.
Whilst you need to have the right people in the right roles, it’s also critical to recognise those people who have great leadership potential and make sure you develop them to ensure they have the knowledge and skills to step into leadership.
Succession planning is typically used by businesses where there is a change of ownership. A quality, well-executed plan ensures that business knowledge is passed down from one person to the next and knowledge retention is key to a business’s success, now and in the future.
I learnt the hard way how to do succession planning well. And the key thing I learnt was to have a Plan A, Plan B and Plan C. You just never know what the future will hold.
This strategy does require extra time, energy and investment, as a business owner, to budget for these changes in the business, but the return is worth the effort as succession planning removes many worries and concerns while you’re leading and growing your business.
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