Dynamics Of Succession Planning Strategies For Sustainability Of Small To Medium Enterprises In Karoi Urban Zimbabwe

Abstract

The major objective of the study is to assess the effectiveness of succession planning strategies for Small and Medium Enterprises (SMEs) sustainability. The study is guided by the Game Theory of Succession Planning. Mixed method approach affixed on Pragmatism research Philosophy anchors this study. The population of the study were all 40 registered furniture manufacturing SMEs in Karoi urban. However, using Raosoft sample size calculator with a 5% margin of error and 95% confidence level, the sample size reached was 37 owner-managers of the SMEs. Quantitative data were uploaded on SPSS Version 21 and analysed using descriptive statistics and correlations. Qualitative data were also analysed thematically and graphically presented in cloud format using NVIVO version 29. Major findings of the study show that succession planning plays a pivotal role in the transfer of relationships and strategic direction, it also ensures the seamless transition of relationships cultivated by key personnel in and organisation. In proactively preparing for transitions, SMEs can avoid the negative impact of unexpected personnel changes on business operations. However, SMEs need to adopt and implement succession planning policies in place to achieve objectives. Leadership vacuums in fostering a culture of growth need to research for SMEs sustainability