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Bartercard Discuss Succession Planning; the Importance of it and How to go About Putting A Process in Place
Thursday 17 May 2018, 8:19PM
By Beckie Wright

Business continuity covers a range of aspects relating to a business being able to perform in the event of a disaster – building access, IT requirements, data records, the list goes on. However, some small businesses take succession planning for granted, but you can never tell what's going to happen in the future. The current business owner might suddenly retire early or there is a critical case of the owner's inevitable and untimely death. That is why it is better and important to consider and have a business succession plan as early as now.

An efficient business succession plan has the corresponding importance:

An important factor that is usually the reason why small businesses fail once the head of the family or the founder dies is the lack of planning when it comes to proper transition. It is very depressing and devastating if certain profitable and flourishing businesses lose and fail just because succession planning was not taken into account. The original business owner's endeavors and sacrifices are basically put to waste.

Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available. Taken narrowly, "replacement planning" for key roles is the heart of succession planning.

The Disaster Recovery Journal (DRJ) defines Business Continuity Management (BCM) as, "A holistic management process that identifies potential impacts that threaten an organisation and provides a framework for building resilience with the capability for an effective response that safeguards the interests of its key stakeholders, reputation, brand and value creating activities. Similarly, the management of recovery or continuity in the event of a disaster. Also the management of the overall program through training, rehearsals, and reviews, to ensure the plan stays current and up to date."

Within the scope of BCM comes succession planning, defined by DRJ as "A predetermined plan for ensuring the continuity of authority, decision-making, and communication in the event that key members of executive management unexpectedly become incapacitated."

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