Succession planning: the importance of planning early
Yash, have you thought about who will run your business after you?”
“Are you serious? I just started this business a few months back. I have a long time to retire. Why should I worry about it just now? ”
“Yes, but you want to scale it big, don’t you? Do you think you alone will be able to manage it?”
Succession planning is required to make sure that the long-term goals of the organization are achieved irrespective of the person working on it today. When you have several people depending on you and your business, you must prepare for it. And there is never a right time for it.Here are a few things one must consider
– Succession planning does not mean that your successor will take over your position today.
– It is not required to have two people working on the same objective for redundancy.
– Succession planning is not only for the founder, but it also applies to every person who is in a critical position.
– In a small and growing organization, every person is critical. Right?
What’s your advice on planning for your successor/s early?
