Succession planning isn’t something to do when you get old. It’s something that needs to be addressed at the beginning of your business, and for several reasons. Business owners today are so concerned with what’s happening tomorrow and next week, that they simply forget to consider the inevitable, the last day of business. Ever. The cold hard truth is that day is coming, and you should have a plan in place.
When you hire someone at, let’s say, $15 per hour, have you calculated the HR cost of your hiring processes, professional training, lost revenue and profits from mistakes in the field, the embarrassment of those mistakes, the cost of people laying out sick regularly, coming in to work late every Monday’s because of “car trouble”, the potential risks from