So, does it?
CNBC published a great article detailing the importance of a succession plan as a business owner, and how many have been forced to face the consequences of failing to do so during the pandemic. But it’s not too late, and now is a better time than never to ensure your business is moving in the right direction to come out strong on the other side.
The article mentions that only 54% of business owners who had a plan are “highly confident” that they would survive the COVID hit. So they have a plan, but what do they need to do to strengthen that? Even with a plan there will often be gaps, but how can that be tightened up?
They detail 4 questions that business owners need to answer about their plan to help fill those gaps.
“Here are four questions Weese says small business owners should answer to make certain their enterprise survives and thrives:
Is your plan transition plan documented somewhere?
Have you expressed your plan to other people, specifically those that are that are named in a plan?
Have you taken the time to prepare them?
Have you revisited your plan to make sure it’s still meets your current circumstances?”
What are your thoughts? If you are management or a business owner, do you have a plan? Are there gaps? Even if you are not management, how do you think businesses can better prepare for the inevitable uncertainties that can hurt them (pandemic or other)?