How Does Lack of Succession Planning Affect Business Performance?
The lack of succession planning can severely impact business performance in several ways:
Strategic Misalignment: New leaders who are not prepared or aligned with the company's strategic vision may struggle to maintain momentum. Loss of Competitive Edge: Companies may lose their competitive edge if they cannot quickly and effectively fill key leadership roles. Financial Instability: The costs associated with finding and training new leaders can be significant, leading to financial instability.