Implementing a sound succession plan is important for all levels of management and types of businesses, not just the ‘big end of town’ according to a new report released by international recruitment specialists Hays.

Having a plan in place as an SME manager is crucial to ensure the continued success of the company, with Hays urging small to medium business owners not to be discouraged by the lack of resources.

Nick Deligiannis, Managing Director, Hays Australia and New Zealand, says, “You don’t need a large HR department to address the challenge of succession planning. One of the most critical responsibilities of any business leader is to pose and answer some basic questions to put the business in a better state of readiness. 

“They need to ask themselves, which roles are critical? What capability exists in them right now? Who are the potential successors? Whatever the business, succession planning can seem like an unnecessary and uncomfortable chore. However, avoiding these occasionally difficult decisions will only create greater risk as the company grows and matures. With that in mind, in many ways, the key to succession planning is just to start.”