SMEs must identify future leaders now

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Too many small and medium-sized enterprises (SMEs) are failing to plan for their future leaders because they are so worried about the here and now.

 

That is according to the latest Hays Journal, which said that SMEs must think about their successors, instead of wasting time by being overly concerned by things like cost and internal politics.

 

An oversight such as this carries clear risk if a key leader is to walk out. To minimise this, the Hays Journal advises companies to consider “succession planning”, or in other words preparing for the long-term.

 

Barney Ely, director at Hays Human Resources, said: “You don’t need a large HR department to address the challenge of succession planning. It’s the job of leaders and managers to answer some basic questions and put the business in a better state of readiness.”

 

Although it may seem like an unnecessary and uncomfortable chore, avoiding the matter will only create more problems in the long run. Therefore, put your head together with other business partners and get a plan in place now to identify key future leaders.

 

Posted by the Secret Businessman