Capterra Glossary
Succession Planning and Management
Succession planning and management ensures that when someone takes over an area of a business, it occurs smoothly, minimizing any negative impact on the business. This means being prepared for a change in leadership before it happens, and includes having recruitment pipelines or a pool of talent so there is always someone to take the helm on business-critical projects.
What Small and Midsize Businesses Need to Know About Succession Planning and Management
Small businesses, including startups, can take advantage of a good succession plan. As businesses expand, it’s natural for leaders to take on other roles, which can leave a vacuum if not addressed or prepared for properly. An effective succession plan ensures there is always a team member qualified to fill these gaps.