Don't deprive your business of a succession plan

THE motivation to have your own business often includes the desire to have more control over and freedom with your time. But many business owners find, at least in the early years of starting their business, that their working hours are much longer than expected and the opportunity to take a vacation is almost impossible.

As the business grows, business owners can find themselves stretched to breaking point by retaining all of the decision-making power and doing justice to the many job roles they are trying to cover on a day-to-day basis. Having built a business to a stage where it is providing strong returns, it may even be time to inject fresh ideas and energy.

It may also be time to consider succession planning to ensure the successful continuity of the business - particularly as it relates to people and processes. The Centre for Executive Education (CEE) looks at why succession plans are a business critical process, how to identify the talent in the organisation and what is needed to provide an effective handover to the next generation of leaders.