ABSTRACT
With the growing trends and developments in the industrial sector, it has become the need of an hour to have the perfect individuals in the acceptable job at the best time and at the correct places. The sustainability of an organization entirely depends on enough people or appropriate people who can rapidly occupy the key positions when it becomes vacant. It sounds like a commonsensical. However, despite everything, it is not occurring as adequately as it must. The organizations and all the more altogether pioneers and administrators, inside this specific situation, necessitate looking with augmented analysis at the need to oversee worker progression effectively to ensure that they have the perfect individual in the opportune spot, imminent authority, the board and specialized ability to convey government business. Small- and medium-enterprises (SMEs) play a vital responsibility in the inclusive growth of the economy of every nation. SMEs comprise over 80% of the sum number of business undertakings and bolster technological improvement. SMEs, at a standstill overwhelm the monetary panorama of the majority nations and encompass being perceived in causative astonishingly to their GDPs. Solitarily, the most prominent rationales for the breakdown of small-scale enterprises are the absence of succession planning (SP). This chapter focuses on the magnitude of SP in empowering SMEs for its wide-ranging development in the economy. The chapter also draws light on the rise of small business enterprises as well as the succession process to be followed 280in these organizations. The end results of this section demonstrate that the majority of the SMEs include no succession plan set up and the capacity and capability of the heirs are not deemed in succession planning. The chapter suggests to facilitate SMEs ought to build up a prescribed arrangement for progression, express the persona of a descendant, and endow with fundamental company executive education, supply instruction /monitoring to the incumbent chief executive officer and all stakeholders to help him in planning succession and guaranteeing that proprietors are agreeable after disentanglement.
