On Succession Planning
Running a retail business requires flexibility, ingenuity, dedication, and hard work. With the responsibility of day-to-day operations, it is easy to become overwhelmed and consumed with your business. However, the key to long-term survival and ensuring your business is successful is largely dependent on planning for the future. Succession planning should start years before you think about transitioning your business. Here’s why succession planning is important – and here’s how to start preparing early.
Here is one of the most important questions business owners can ask themselves: Is one of your company’s most valuable assets you as an owner or manager?
Succession planning should be seen as more than just a change in leadership or the sale of a business. It is important to remember that your business’s overall morale is deeply rooted in the business practices you have established as an owner or manager. All of your experiences and the lessons you have learned as a leader are no longer involved in the company. or at least not in such an impactful role as they are today. So, what does this all mean?