Succession Planning Practices In Sustainability Of Small Medium Enterprises: Overview Of Individual & Firm-Level Outcomes In Time Of COVID-19

Abstract

The succession planning significance with the performance and sustainability of small-medium enterprises through an undergone number of conceptual and empirical studies is examined in our study. As per the assessment succession planning can help in promoting equitable development and economic growth through sustaining the small and medium enterprises. Besides, this paper attempts to highlight the aspects of succession planning practices in small-medium enterprises. SMEs have proven to be a source of economic growth for countries across the globe. The sustainability of SMEs is of significance and it is possible through executing appropriate succession planning practices in order to deal with the uncertainties like Covid 19. Succession planning is a way forward for the sustainability of SMEs and execution of these practices is highly favorable for the local and international small-medium enterprises. Thus, the future timing of the upcoming pandemic is uncertain as the Covid 19 is changing the variants which affect different countries distinctly. While the Covid 19 spread can result in creating chaos via disrupting businesses and communities. In order to ensure sustainability as well as creating opportunities for others through adopting and executing the above-mentioned practices to become more resilient to face the pandemic with efficiency and effectiveness. This paper highlights the key practices of succession planning which influence both levels including the performance and sustainability of SMEs.