Management Succession and Risk Management Strategies
Discuss the below in a 450 words:
•Assume you are the owner of a small business with which you are familiar. Outline the basics of a management succession plan for passing the business on to the individual of your choice.
•Referring to the same small business, determine the most appropriate way for that business to minimize its exposure to risk. Explain your rationale.
Wilbert Nobles
The first order in management succession would be to have a plan in place very early to keep business running well after you are gone. Another would be to build a generational succession through family or hand picked indiviuals you feel are responsible enough to run the company. A Succession planning reduces the tension and stress created by these conflicts by gradually changing the guard.
The easiest way to minimize exposure to risk is to have competent people who know what they are doing working for you and running your business. If you have people who are careless w/ sensitive information you couls have a bunch of security breaches and you company information could be exposed and used by who knows for who knows what. Laziness and incompetence can cost you and your business in many of ways. Another thing that could happen a employee could be wondering on websites they should not be and click a link that sends a serious virus through your whole network causing your computers to shutdown and you loose money while trying to get your computers back online.