Lilian Madueke, a corporate governance expert and CEO of Kaizen Academy Nigeria Limited, emphasizes the crucial role of succession planning for Micro, Small, and Medium Enterprises (MSMEs). Even for small businesses, adopting key aspects of succession planning is essential for ensuring long-term sustainability.
Madueke advises that MSMEs, despite their size, should proactively consider succession by identifying and developing future leaders, documenting processes, and fostering a strong organizational culture. Family succession is an option, but merit and competence should be prioritized for business effectiveness.
She highlights the importance of documenting succession plans, testing them, involving key stakeholders, and maintaining transparent communication. While MSMEs face unique challenges, the principles of succession planning are universally applicable.
Madueke also underscores the significance of gender and youth inclusivity on boards, not only for fairness but also as a strategic move for organizational success. Advocacy, awareness, education, and skill development are key drivers in promoting inclusivity.
At Kaizen Academy, collaborative efforts with organizations, institutions, and government bodies aim to create a collective impact and extend the reach of inclusivity initiatives. Mentorship programs and board evaluation engagements serve as practical steps in promoting succession planning and business continuity. Regardless of a firm’s maturity stage, prioritizing succession planning is vital for long-term sustainability.
