Succession Planning in Small business

Most small business has a little understanding about the concept of business of business. There is a huge passion with the team. However, to see the entire business in an abstract level, there is need of objectivity. The entrepreneur is always in ‘do it yourself’ mode. The lack of objectivity remains as a constant problem in small business. In addition, the business lacks momentum on the situation, when the entrepreneur losses focus or does not feel the passion like earlier. A succession planning is a very important advantage in all these cases. Succession planning helps to create second line of leaders. This is very helpful on that business situation where the entrepreneur is an expert on one particular area of business .Creating second line of leaders makes the business much more organized. This way, succession planning has a dual advantage. One way it strengthens the HR scenario of small business, by enriching the aspiration level of second level of leaders. On the other hand, it also expands the capability of the organization to have diverse competency.