Leaders of small and medium-sized enterprises (SMEs) are a resilient lot, as a study by the Ashridge Management Index (AMI) has shown.
According to the report, over half of managers surveyed say they have suffered in the recession, but the majority are still relatively upbeat about their future. What’s more, morale and engagement remain high within companies.
However, it’s not all good news, as the study shows that there are shortfalls in leadership and management, with good communication and succession planning falling by the wayside. Nearly 48 per cent of SMEs are failing to develop the next generation of leaders within their company, for example.
Viki Holton, AMI co-author, said: “Without investment in developing the skills and experiences of younger managers it is hard to see how such organisations will continue to be successful.”
While it’s important to remain positive about growth during tough times, businesses are at risk of holding back complete economic recovery if they don’t concern themselves with succession planning – be warned.
Posted by the Secret Businessman