When people think about succession planning—if they think about it at all—they think of multi-million dollar corporations and large organizations with CEO’s and Executive Directors. On the contrary, a small business without a strong succession plan can be a dangerous combination and formula for failure. Let me give you an example:
Let’s say that you are a successful hair stylist with a calendar so full that you are scheduling weeks in advance. Business is going great! One day, you trip on your kid’s skateboard suffering a severe sprain and the doctor puts you on bed rest for four weeks. What are you going to do about your clients? How are you going to maintain your business, avoid losing clients, and still pay the mortgage?
You are not only at risk of losing clients but also vulnerable to developing a reputation for being unreliable. No matter how big your company is or what size client list you may have, it is imperative that you think outside of the box. A successful business must create and maintain an Emergency Succession Plan that will protect you the business owner, your company, your brand, and insure that your clients get the services that they need.
A little planning can go a long way. Or as my elders used to say, “it is better to have and not need, than to need and not have. A succession plan is life insurance for your company.
Have a Wonderful and Blessed Day
