“Strategy shouldn’t be for the present only but must address how you can take, or better still, build the future. When planning leadership succession, a crucial question that must be answered is “Who should be in charge for where we are headed?”

Preparing the next generation of leaders has become more imminent than ever. Companies who methodically follow procedures of choosing new leadership are at a disadvantage. This is because the ‘new’ leaders are often incompetent and end-up being mannequins or corporate placeholders, in the centre of chaos. The economic-business-digital evolution highlights the perils of neglecting Leadership succession.

A recent Central Bank of Nigeria policy served a buffet of operating guidelines that could make or mar microfinance banks and cause corporate indigestion if they don’t act fast. Microfinance institutions have been instrumental in alleviating poverty and widening SME access to financial support.

Insights by pcl.

Phillips Consulting Limited (pcl.) is a leading business and management consulting firm serving clients across Africa. www.phillipsconsulting.net/

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