Etini
Valued Contributor
A succession plan for any business is an identified and established pattern a company has determined to choose and develop future leaders for the business organisation when the current set of leaders are no more. We have great CEOs today who know how to do business very well but fall short in building succession to sustain their business. Why should a business establish a succession plan? Why is it important?
1) It gives a business stability in transition: When a business leader retires or is no more, the existence of a succession plan assures that the operations of the business continues unabated as the groomed successor automatically goes assumes leadership to keep the business running. No pause to find a new leader.
2) Maintaining business culture: A business with a succession plan would maintain the culture and legacy of the business regardless of leadership transition because the new leader while in waiting has already been soaked and well familiar with company culture.
These are the two core benefits of a business having a succession plan. Do you own a business? Do you have a succession plan?
1) It gives a business stability in transition: When a business leader retires or is no more, the existence of a succession plan assures that the operations of the business continues unabated as the groomed successor automatically goes assumes leadership to keep the business running. No pause to find a new leader.
2) Maintaining business culture: A business with a succession plan would maintain the culture and legacy of the business regardless of leadership transition because the new leader while in waiting has already been soaked and well familiar with company culture.
These are the two core benefits of a business having a succession plan. Do you own a business? Do you have a succession plan?