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If you’re looking to implement practical and effective succession planning for your small business, here are some of the do’s and don’ts to pay attention including:
- Leadership development
- Identifying potential successors in advance
- Comms plans with stakeholders
- Not leaving everything to the last minute
- Get professional advice
- Don’t fear change
- KISS approach to the succession plan
Nurture Leadership Development Within The Business
Most succession plans are designed to fill leadership roles. Leadership development prepares employees to take on leadership roles through promotion or succession. Either way, it provides small businesses with a vast pool of ideal candidates to occupy vacant positions at any time.
Making leadership development part of a business’s culture simplifies succession planning and increases the chances of formulating an effective plan.
Identify Potential Successors In Advance
Making leadership development part of a business’s culture simplifies succession planning and increases the chances of formulating an effective plan.
The main idea behind succession planning is to reduce disruptions to the business’s workflow. However, keep in mind that not all successions are anticipated. On the contrary, some occur unexpectedly. In such instances, poor succession planning can result in the interruption of business operations.
Therefore, small businesses need to identify a pool of successors in advance. The identification process should be free of bias. Additionally, small businesses should ensure that the identified potential successors have what it takes to fulfill the company’s objectives.
