Source: Dumb Little Man
As a small business owner, one aspect of managing your business you probably haven’t taken into account is succession planning. Most business owners think that it’s too far off to really consider, especially at the beginning of their career.
Although you may have no intentions of leaving your business any time soon, the fact of the matter is that you never know what will happen to you tomorrow.
In order to preserve your business, it’s crucial to think about succession planning now.So, what exactly is succession planning?
Succession planning is a protocol you lay out to train and develop your ideal successor. For larger corporations, HR departments usually oversee the process by scouting out talent to fulfill key roles within the company as they become vacant.
By grooming ideal candidates for these important positions far in advance, a company can guarantee the continuity of its business operations.
To learn more about the benefits of succession planning, read on.
Clears Up Confusion When Naming a Successor
The main benefit of succession planning is that it clears up any uncertainty about who, how, and when your successor is to be found. You either appoint someone yourself or lay out a process that vets candidates and determines how they are to be selected.
By going about it in this way, you diffuse any potential feuds or fall outs between co-owners and employees. This is especially true for family businesses. Often times, tension mounts when there is no clear method for selecting a successor. The family dynamic the business is founded on can crumble over these types of disputes.
This makes it crucial to lay out a succession plan or to name your successor early on.
Saves Your Company Time and Resources
Succession plans are designed to identify and groom the ideal candidate for a role. In most cases, this means you should have your eye on internal talent…
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