Having no succession plan can put your business at risk of failing.
Succession plans are important processes to consider if you want to see your business flourish and thrive in the long-term.
Key players in your business, such as executives, can become unavailable at any moment due to many reasons like illness, personal circumstances or career decisions. Having a central position open can disrupt business operations by delaying projects or creating tension between employees. It can also reduce the trust your clients have for your business.
Therefore, having a contingency plan can help you alleviate unfavorable circumstances associated with an unexpected loss of an employee.
But, before creating a succession plan, there are 6 critical factors you need to consider.6 Critical Factors for Any Succession Plan