Succession Planning – without it, most SMEs don’t have a future.
Less than half of UK SMEs have any realistic succession planning in place according to a string of surveys carried out in 2013.
Difficulties in recruiting potential executives compared to larger companies was one of the reasons cited for so few SMEs having succession plans in place, and 25% reported the impact was also delaying business growth
The author of one report, Professor David Birchall of Henley Management, warns: “If today’s business leaders fail to recruit, nurture and train managers for the future, there is a risk of damage to British business and entrepreneurship that will have far-reaching implications.”
One of the problems is that SMEs are often too busy generating new business, meeting the demands of their customers and clients, and keeping up skills and technology training to deal with strategic ‘over the horizon’ issues, and simply don’t have the expertise and resources to address the problem.
Those findings echo the experience of Acorn Coaching and Development who have assisted SMEs in the energy, construction and infrastructure sectors with developing people already within the business, and recruiting new talent to strengthen the businesses.
Two companies involved in the high pressure and demanding nuclear sector illustrate how Acorn assists SMEs in this vital area.