On 9 May 2018, Jacqueline Low, COO, Asia was invited to the HR Summit & Expo Asia 2018 as a speaker. The event was held at Suntec Singapore Convention & Exhibition Centre.
Jacqueline gave a presentation on succession planning to a room of business owners and HR professionals from SMEs.Succession planning can be a daunting task for any small business but it is crucial to the health and longevity and ultimately success of an SME. Here are some key tips Jacqueline shared:
- It is never too early to start planning. The earlier the planning starts, the more a business can successfully sustain their image and allow for gradual transition
- By sharing a collective vision and setting clearly defined values between owners and management the business can move forward successfully
- The successor should share your vision and passion but more importantly must be competent and skilled to take on the successor roles and responsibilities
- Document the succession plan, establish a clear decision making process and remember to include all contingencies
- Communicate the succession plan to key stakeholders
- Groom your successor in order to help equip them with the skills and experience to handle the new role