Fewer than half of all Britain's small businesses have succession plans in place in case a key member steps down, new research has revealed.
The research was commissioned by tax, accountancy and business advisers Vantis and was carried out by Henley Management College among 110 SMEs.
Over a third of those businesses questioned said that they found it difficult to find the right people and a quarter said that the impact of this struggle was delayed business growth.
Yet despite this acknowledgement, most UK SMEs are failing to make provisions to ensure that business can continue if a member departs and are consequently endangering their success for the future.
Professor David Birchall of Henley Management College said: "A third of the businesses we spoke to predict a significant increase in turnover over the next five years, yet they're failing to safeguard their longer term future by not putting in place people who can continue to drive the company’s success."
