Why is it essential for small and medium-sized businesses in India to have a succession plan?

Small and medium-sized businesses in India, in particular, should develop a secure succession plan, otherwise, they risk going out of business. One cannot run a business, no matter how big or small, unless talented people are ready to step into key positions when the current occupants leave. If a proper succession plan isn’t in place, even the most successful companies can fall over a cliff. It assists your company in preparing for any eventuality by preparing high-potential employees for promotion.